Thinking about Trump continuing to raise tariffs,

Thinking about the escalation of the Russia-Ukraine conflict,

Even thinking about the Federal Reserve raising interest rates,

What I never expected was that the black swan was the two of them tearing each other apart……

However, in fact, such events do not shake the fundamentals of cryptocurrency:

First, it does not affect the market's faith in crypto.

Second, it does not affect the real economy of the U.S. stock market, at most it can only have a substantial impact on TSLA stock.

Third, it does not affect the Federal Reserve's monetary policy.

Even Musk's position may not necessarily influence Trump's policies.

Therefore, the negative impact of this "black swan" is limited,

But the market's fragility is evident. If this event occurs in 2024, it may have a weaker impact on the market, but it just so happens to occur in June 2025, with some people believing the bull market has already ended, which instead leads to the cryptocurrency market being even more "weakened" than in 2024.

However, Brother Bee wants to ask, the impact of ETFs is growing, will traditional on-chain indicators still be as effective as before? Do ETF investors trust the macro cycle more or the BTC halving cycle?

As for altcoins, the four-year cycle formed by BTC halving, what does it have to do with altcoins?