On the surface, it seems that the decline in the cryptocurrency market was caused by the conflict involving Trump and Musk, but it should be noted that the turning point actually appeared last week: the dense positive news can no longer drive prices up, the internal judicial battles of the tariff war, the delay of negotiations with various countries, and the repeated fluctuations have exhausted the market. The expectations for Circle's IPO are fully priced in, all of which serve as signals. In such a situation, if prices can't go up, they will have to look down for support. The U.S. stock market remains relatively strong due to the fundamentals of individual stocks, but a downward trend is also beginning to show. While the conflict between Trump and Musk seems to directly impact Tesla, the ongoing situation poses a risk to the internal political and business relationships in the U.S.