It's still difficult to do homework during the holiday, it's too difficult. What really deserves attention today is actually the statement of Trump and Besant on the reciprocal tariff path. It can be basically confirmed that the total tariff applicable to most countries will be 20%, some countries may be higher, and a very small number may be very high. But the key to this matter is not how many countries have reduced tariffs, but rather the volume of trade between these countries and the United States. The impact of high and low tariffs on countries with smaller trade volumes with the United States is not significant. The countries that have large trade flows with the United States will truly have an impact on US inflation. In addition, even a 20% tariff is quite high. It should be noted that the average tariff in the United States in 2024 is 2.5%, and the current basic tariff is 4 times that of the time. 20% is 8 times that of the time, and the impact on the market is bound to occur. This is not the most troublesome. As Powell said, if tariffs are one-time, then the impact on inflation is limited. But now Trump is obviously engaged in tariff ladder system. Will some countries, especially countries with high trade relations, also raise tariffs, or even continue to trade wars? It is not good to say that it is Trump after all. Moreover, Trump can't say whether he wants to help or whether he wants to be tough. If it is TACO, it will be enough. A long time of tough will probably make Powell wait until he retires to cut interest rates or the U.S. economy is in recession. But it's not all a bad thing, after all, the actual implementation of tariffs will take place on August 1st with nearly 20 days left. This time is a tug of war, and even the harshest words can be said. The key still depends on what the long-term implementation plan is. After entering July, it will inevitably be the climax of the tariff and monetary policy game. I really didn't expect the discussion on 80000 BTC to be so heated. Just thinking about it, the gatekeeper has been scaring everyone for several years, but there is no sign of this part of Bitcoin entering the exchange. And if you really have to worry, I can tell you through data that there are still 3.8 million Bitcoin that have not been moved in the early days, and no one knows how many are lost and how many are not wanted to be moved. There's really a lot to worry about. Back to Bitcoin's own data, the turnover rate during the holiday is still very low. If it is not for the transfer of 80000 BTCs, today is the standard holiday state, so there is nothing to say. After all, today's price fluctuation is still focused on tariffs. Every weekend, Trump will do something. Let's see the reaction of US stocks on Monday. There hasn't been much change in support, so there's no need to waste words. Data address: https://docs. (google.com)/spreadsheets/d/1E9awSVwrVOxKOiaMdYT5YZvfveeFd9ENU-iO6dVcGj0/edit? usp=sharing