Musk and Trump's public conflict has disrupted market sentiment. This wave of decline seems more like an emotional release rather than a trend reversal.

Although the fundamentals of the US stock market are relatively stable, the downward trend is evident. The two market turning points in February and April this year were first reflected in US stocks, which then affected the crypto market.

The argument between Musk and Trump has severely impacted Tesla in the short term, but in the long term, it may shake the relationship between politics and business in the US, leading everyone to adopt a cautious wait-and-see approach.

From the data perspective, although Bitcoin nearly fell below $100,000, the turnover rate is not high. Mainly, short-term loss-making investors are selling off, while early investors are still observing, with no obvious panic observed.

The Bitcoin reserves on exchanges have not significantly increased, indicating that market sentiment is still reasonable. The movements of Asian investors are worth paying attention to, as we watch whether they are bottom-fishing or fleeing.

As the argument between Trump and Musk continues to escalate, market sentiment is still deteriorating. The Fear and Greed Index has dropped from 55 to 46, and it is estimated that the decline will only stop once this drama calms down.