On April 2, the Trump administration announced the implementation of a comprehensive reciprocal tariff policy, hoping to reverse a $1.2 trillion goods trade deficit. This move caused the S&P 500 index to plummet 9.7% over two days, with a market value loss of $5.4 trillion, marking the largest drop in history, surpassing the $3.3 trillion record during the pandemic crash in March 2020. The Nasdaq 100 index's tech stocks were severely hit, with a single-day decline that set a record since 2022. Bitcoin's decline during the same period was only 3.7%, maintaining the critical support level of $82,000.

Industry insiders pointed out that Bitcoin is undergoing an evolution in market positioning. In the past, Bitcoin was highly correlated with risk assets under macro shocks, but this divergence may signify a shift in investor perception, further detaching its positioning from risk assets and solidifying its status as digital gold. Bitcoin's maintenance of the critical support level at $82,000 proves that structural demand has not been eroded by panic selling. Real Vision's chief crypto analyst, Jamie Coutts, stated that based on the M2 money supply growth model, BTC is expected to reach $132,000 within the year.

Recent on-chain data indicates that whales are accumulating at lower prices. Although prices are consolidating, Glassnode data shows that long-term holders of Bitcoin are continuously increasing their holdings, with total holdings surpassing 13.5 million coins. Meanwhile, short-term holders also bought 15,000 BTC in April against the trend to bet on short-term profits. While the $132,000 target for the year may seem somewhat aggressive, the growth of M2 money supply and the geopolitical changes in demand for value storage methods combined suggest that Bitcoin's relative strength cannot be ignored, and the market may provide a new pricing logic for crypto assets.