After more than four months of tariffs, it only really started to take effect in the past few days.

But if you look at the market's reaction, there has hardly been a ripple.

The sentiment has barely fluctuated, and prices haven't shown any significant movement.

Why? Because what needed to be speculated on has already been speculated on, and everyone is numb.

To put it simply, from the moment the tariff news was first thrown out,

the market had already started trading on expectations in advance——

At that time, U.S. stocks were falling, cryptocurrencies followed suit, and the media constantly talked about "recession" and "stagflation."

A policy message can be speculated on by the market three or four times over.

Each rebound and pullback has been preemptively overdrawn from future "potential downsides."

Now that the policy is truly being implemented, it has instead become a typical case of bad news being fully priced in as good news.

This actually illustrates one thing:

The market is always ahead of events; by the time the news actually lands, it has already played out in advance.

It's not that tariffs aren't important, but rather——the market has digested it too many times.

Once bad news has been repeatedly digested, its "impact" starts to dull.

From a trading perspective, this kind of "bad news landing with no reaction" situation,

is often one of the signals for a sentiment turning point. $BTC