#加密市场反弹 Tariff Policy Impact Weakens: Grayscale Research Director Zach Pandl believes that the current negative impact of tariffs on cryptocurrencies may have already been 'priced in' by the market, and the worst is likely over. As tariff policies become clearer, market sentiment is expected to improve, and investor confidence will also strengthen.
• Changes in Geopolitical Risk Appetite: Since Q2 2025, the cryptocurrency market's sensitivity to geopolitical friction has been decreasing, with stable net inflows into Bitcoin ETFs, as institutional investors gradually view trade risks as 'background fluctuations' rather than decisive variables.