Today's homework was a bit uncomfortable. I copied the bottom of Trump's TACO in the early morning. I thought Trump had TACO, and Europe should talk about it. But it didn't. I don't know whether Trump's mouth was too hard. You said you had to find a way out, and you had to find it. As a result, Europe began to sell American assets. The Nordic pension director directly said that the risk premium of holding American assets had risen. This continues to make the market uncomfortable. Although the pressure of tariffs has temporarily disappeared, if Europe withdraws its investment from the United States, it will have a huge impact on the market, because once European funds switch US assets from low-risk preferences to requiring higher risk premiums, the three anchors of US stocks, US bonds, and the US dollar will be pulled at the same time. More importantly, this will turn the tariff event from a one-time shock into a longer narrative, as Europe begins to incorporate geopolitical and policy uncertainty into the pricing model of US assets. Once this is written into the framework of the investment committee, it will not be able to be turned over in two days. So the pain point for the market next is not whether tariffs have been lifted or not, but whether funds should be given to the United States at a higher cost of capital. If Europe is really reducing its allocation, the rebound of risk assets will be like technical replenishment rather than trend driven return. Back to Bitcoin's data, the turnover rate is still very low. The main selling is still short-term investors. Investors' sentiment is still stable, and there is no sign of deepening panic. After all, from the current situation, the tariff crisis has been solved, and now it should be the revenge against Trump's strength. I hope it can be solved quickly. The chip structure is still very stable, with no signs of collapse yet, and more chips are gathering around $90000. Currently, there is a bit too much aggregation between $83000 and $92000, and it is evident that holders have a lower willingness to sell. @bitget VIP， Lower rates and more generous benefits