Newjun

$BTC ### **1. Latest Developments in the U.S. Semiconductor Tariff Policy**
1. **Temporary Exemptions and Subsequent Plans**
- The U.S. Customs and Border Protection announced on April 11 that it will temporarily exempt electronic products such as smartphones, computers, and chips from "reciprocal tariffs," but Secretary of Commerce Gina Raimondo clearly stated that this exemption is a **temporary measure**. Targeted tariffs based on the semiconductor industry will be implemented for these products within the next 1-2 months to promote the return of manufacturing to the U.S.
- The Trump administration plans to impose tariffs on semiconductors and the entire electronic supply chain through a “national security tariff investigation” (possibly citing Section 232), with specific rates expected to be **announced within the next week** and anticipated to be around 25%.

#美国半导体关税 ### **I. Latest Developments in U.S. Semiconductor Tariff Policy**
1. **Temporary Exemptions and Subsequent Plans**
- The U.S. Customs and Border Protection announced on April 11 that it will temporarily exempt electronic products such as smartphones, computers, and chips from 'reciprocal tariffs,' but Commerce Secretary Howard Lutnick made it clear that this exemption is a **temporary measure**, and targeted tariffs based on the semiconductor industry will be implemented on these products in the next 1-2 months to promote the return of manufacturing to the U.S.
- The Trump administration plans to impose tariffs on semiconductors and the entire electronic supply chain through a 'National Security Tariff Investigation' (possibly citing Section 232), with specific tax rates likely to be **announced within the next week**, and an expected rate of 25%.

$BTC ### I. Background and Purpose
The guidelines issued by the SEC are non-binding employee statements aimed at providing a clearer disclosure framework for the issuance and registration of securities related to crypto assets, helping companies understand how to submit compliance documents under the Securities Act and the Securities Exchange Act. This initiative reflects the SEC's ongoing attention to the regulation of the crypto market, especially in the context of the rapid development of tokenized securities and blockchain technology.

### II. Core Disclosure Requirements
1. **Business Model and Technical Architecture**
Companies must provide a detailed explanation of their business model, including the specific functions of tokens in the project (such as trading, governance, or service access), technical architecture (whether it is based on open-source technology), development milestones, and expected timelines. If the business relies on third-party blockchains or external networks, relevant dependencies must be disclosed.

#币安安全见解 ### 1. Background and Purpose
The guidelines released by the SEC this time are non-mandatory employee statements aimed at providing a clearer disclosure framework for the issuance and registration of securities related to cryptocurrency assets, helping businesses understand how to submit compliant documents in accordance with the Securities Act and the Securities Exchange Act. This initiative reflects the SEC's ongoing attention to the regulation of the cryptocurrency market, particularly in the context of the rapid development of tokenized securities and blockchain technology.

### 2. Core Disclosure Requirements
1. **Business Model and Technical Architecture**
Businesses need to detail their business model, including the specific functions of tokens in the project (such as trading, governance, or service access), technical architecture (whether based on open-source technology), development milestones, and expected timelines. If the business relies on third-party blockchains or external networks, relevant dependencies must be disclosed.

#币安安全见解 ### I. Background and Purpose
The guidelines released by the SEC are non-mandatory employee statements aimed at providing a clearer disclosure framework for the issuance and registration of securities related to crypto assets, helping companies understand how to submit compliance documents in accordance with the Securities Act and the Securities Exchange Act. This initiative reflects the SEC's ongoing focus on regulating the crypto market, especially in the context of the rapid development of tokenized securities and blockchain technology.

### II. Core Disclosure Requirements
1. **Business Model and Technical Architecture**
Companies need to detail their business model, including the specific functions of the tokens in the project (such as trading, governance, or service access), the technical architecture (whether based on open-source technology), development milestones, and expected timelines. If the business relies on third-party blockchains or external networks, relevant dependencies must be disclosed.

#币安安全见解 ### I. Background and Purpose
The guidelines issued by the SEC are non-binding employee statements, aimed at providing a clearer disclosure framework for the issuance and registration of securities related to crypto assets, helping companies understand how to submit compliance documents in accordance with the Securities Act and the Securities Exchange Act. This initiative reflects the SEC's ongoing attention to the regulation of the crypto market, particularly in the context of the rapid development of tokenized securities and blockchain technology.

### II. Core Disclosure Requirements
1. **Business Model and Technical Architecture**
Companies need to detail their business model, including the specific functions of tokens in the project (such as trading, governance, or service access), technical architecture (whether it is based on open-source technology), development milestones, and expected timelines. If the business relies on third-party blockchains or external networks, relevant dependencies must be disclosed.

#SEC加密资产证券披露指南 ### I. Background and Purpose
The guidelines released by the SEC are non-binding employee statements aimed at providing a clearer disclosure framework for the issuance and registration of securities related to crypto assets, helping companies understand how to submit compliance documents in accordance with the Securities Act and the Securities Exchange Act. This initiative reflects the SEC's ongoing concern regarding the regulation of the crypto market, especially in the context of the rapid development of tokenized securities and blockchain technology.

### II. Core Disclosure Requirements
1. **Business Model and Technical Architecture**
Companies must provide a detailed description of their business model, including the specific functions of tokens in the project (such as trading, governance, or service access), technical architecture (whether it is based on open-source technology), development milestones, and expected timelines. If the business relies on third-party blockchains or external networks, relevant dependencies must be disclosed.

$ETH ### **1. CPI: Year-on-Year Decline Narrowed, Core CPI Rebounded**
1. **Overall Performance**
- **March CPI decreased by 0.1% year-on-year**, significantly narrowing from last month (-0.7%), and decreased by 0.4% month-on-month.
- **Core CPI (excluding food and energy) increased by 0.5% year-on-year**, ending the previous six-month downward trend, reflecting a marginal improvement in consumer demand.

2. **Structural Differentiation**
- **Weakening Impact of Food Prices**: In March, food prices decreased by 1.4% year-on-year (narrowing the decline by 1.9 percentage points), and decreased by 1.4% month-on-month. Among them, prices of fresh vegetables, pork, and eggs decreased month-on-month by 5.1%, 4.4%, and 3.1% respectively, but the year-on-year increase of pork prices expanded to 6.7%.
- **Service Prices Rebounded**: Service prices turned from negative to positive at 0.3% year-on-year, with significant increases in prices for housekeeping, education, and cultural entertainment services, driving the rebound of core CPI.

#CPI数据来袭 ### **1. CPI: Year-on-Year Decline Narrowed, Core CPI Rebounded**
1. **Overall Performance**
- **March CPI decreased by 0.1% year-on-year**, significantly narrowing from last month (-0.7%), and decreased by 0.4% month-on-month.
- **Core CPI (excluding food and energy) increased by 0.5% year-on-year**, ending the previous six-month downward trend, reflecting marginal improvement in consumer demand.

2. **Structural Divergence**
- **Weakening Impact of Food Prices**: In March, food prices decreased by 1.4% year-on-year (narrowing the decline by 1.9 percentage points), and decreased by 1.4% month-on-month. Among them, prices of fresh vegetables, pork, and eggs decreased month-on-month by 5.1%, 4.4%, and 3.1%, respectively, but the year-on-year increase in pork prices widened to 6.7%.
- **Recovery in Service Prices**: Year-on-year service prices turned from negative to positive at 0.3%, with significant increases in prices for domestic services, education, and cultural entertainment, driving the rebound in core CPI.

$BTC ### 1. **Policy Adjustment Content**
- **Suspension of Tariffs on Some Countries**: Trump announced a 90-day suspension of new tariffs on countries other than China, significantly reducing tariffs from the originally planned higher rate (such as 46%) to 10%, effective immediately.
- **Imposition of High Tariffs on China**: Tariffs on Chinese goods were raised to 125%, citing that "China lacks respect for the world market". This measure also took effect immediately.

### 2. **Background and Reasons for Policy Adjustment**
- **Economic Pressure**: Rising U.S. Treasury yields and fiscal pressures are significant factors. As of March 2025, the total U.S. national debt surpassed $36.5 trillion, with interest expenditures accounting for 18% of total fiscal expenditures. The sell-off of government bonds led to soaring yields (e.g., the 10-year Treasury yield exceeds 4.5%), forcing Trump to concede.

#保护你的资产 ### 1. **Policy Adjustment Content**
- **Suspension of Tariffs on Certain Countries**: Trump announced a 90-day suspension of new tariffs on countries other than China, significantly reducing the tariff rate from the originally planned higher rate (such as 46%) to 10%, effective immediately.
- **Imposition of High Tariffs on China**: Tariffs on Chinese goods were raised to 125%, citing "China's lack of respect for the world market". This measure also took effect immediately.

### 2. **Background and Reasons for Policy Adjustment**
- **Economic Pressure**: Rising U.S. Treasury bond yields and fiscal pressure are significant factors. As of March 2025, the total U.S. national debt exceeded $36.5 trillion, with interest payments accounting for 18% of total fiscal expenditures. The sell-off of Treasury bonds led to a surge in yields (such as the 10-year Treasury yield exceeding 4.5%), forcing Trump to make concessions.

#加密市场反弹 ### 1. **Policy Adjustment Content**
- **Suspension of Tariffs on Certain Countries**: Trump announced a suspension of new tariffs for 90 days on countries other than China, during which tariffs were significantly reduced from the originally planned higher rates (such as 46%) to 10%, and took effect immediately.
- **Imposition of High Tariffs on China**: The tariffs on Chinese goods were raised to 125%, justified by the reason that "China lacks respect for the world market." This measure also took effect immediately.

### 2. **Background and Reasons for Policy Adjustments**
- **Economic Pressure**: Rising U.S. Treasury yield rates and fiscal pressure are significant factors. As of March 2025, the total U.S. national debt exceeded $36.5 trillion, with interest payments accounting for 18% of total fiscal expenditures. The sell-off of government bonds led to a surge in yields (such as the 10-year Treasury yield exceeding 4.5%), forcing Trump to compromise.

#特朗普暂停新关税 ### 1. **Policy Adjustment Content**
- **Suspension of Tariffs on Some Countries**: Trump announced a 90-day suspension of new tariffs on countries other than China, during which tariffs were significantly reduced from the originally planned higher rates (such as 46%) to 10%, effective immediately.
- **Imposition of High Tariffs on China**: Tariffs on Chinese goods were raised to 125%, justified by the claim that "China lacks respect for the world market." This measure also took effect immediately.

### 2. **Background and Reasons for Policy Adjustment**
- **Economic Pressure**: Rising U.S. Treasury bond yields and fiscal pressure are significant factors. As of March 2025, the total U.S. national debt surpassed $36.5 trillion, with interest payments accounting for 18% of total fiscal spending. The sell-off of Treasury bonds led to a surge in yields (e.g., the 10-year Treasury yield exceeding 4.5%), forcing Trump to make concessions.

$BTC ### I. Common Reasons for Callback
1. **Technical Adjustments**: Profit-taking after a rapid increase
2. **Macroeconomic Impact**:
- Changes in Federal Reserve monetary policy
- Transmission of volatility from U.S. stock markets
- Strengthening of the U.S. dollar index
3. **Regulatory Dynamics**: Such as SEC lawsuits, new regulations in various countries
4. **On-chain Data Alerts**:
- Increase in exchange inventory (selling pressure signal)
- Significant transfer anomalies
5. **Derivatives Market Liquidation**: High leverage leading to chain liquidations

### II. Current Market Characteristics (2023-2024)
- Fluctuations in Bitcoin ETF fund flows
- Decreasing correlation between altcoins and BTC
- Record high open interest in options
- Miner reserves dropped to multi-year lows

#保持SAFU ### 1. Common reasons for callbacks
1. **Technical adjustments**: Profit-taking after a sharp rise
2. **Impact of macro environment**:
- Changes in Federal Reserve monetary policy
- Transmission of fluctuations in US stocks
- Strengthening of the US dollar index
3. **Regulatory dynamics**: Such as SEC lawsuits, new regulations introduced by various countries
4. **On-chain data warnings**:
- Increase in exchange inventory (selling pressure signal)
- Significant abnormal large transfers
5. **Derivatives market clearing**: Excessive leverage leading to a chain liquidation

### 2. Current market characteristics (2023-2024)
- Volatility in Bitcoin ETF fund flows
- Diminished correlation between altcoins and BTC
- Unsettled options contracts reaching historic highs
- Miner reserves dropping to multi-year lows

#加密市场回调 ### 1. Common Reasons for Callback
1. **Technical Adjustments**: Profit-taking after a sharp rise
2. **Macroeconomic Influence**:
- Changes in Federal Reserve monetary policy
- Transmission of volatility from the US stock market
- Strengthening of the US dollar index
3. **Regulatory Dynamics**: Such as SEC lawsuits and the introduction of new regulations in various countries
4. **On-chain Data Alerts**:
- Increase in exchange inventory (selling pressure signal)
- Large transfer anomalies
5. **Derivatives Market Liquidation**: Excessive leverage leading to a chain liquidation

### 2. Current Market Characteristics (2023-2024)
- Bitcoin ETF fund flow volatility
- Decreased correlation between altcoins and BTC
- Options open interest hits a historic high
- Miner reserves drop to multi-year lows

$ETH Impact**
- **On the United States**:
- **Rising Consumer Costs**: U.S. think tanks estimate that annual household spending will increase by about $1,300.
- **Pressure on Businesses**: Companies reliant on Chinese supply chains face rising costs, with some industries (such as agriculture) suffering from China's retaliatory tariffs.
- **On China**:
- **Export Resilience**: Exports to the U.S. continue to grow, but some low value-added industries are shifting to Southeast Asia.
- **Accelerated Industrial Upgrade**: Domestic substitution is advancing in high-tech fields (such as semiconductors).
- **Global Supply Chain**: Intensifies the trend of 'de-risking', with Southeast Asia and Mexico becoming alternative production capacity hubs.

#交易心理学 Impact**
- **On the United States**:
- **Increased Consumer Costs**: American think tanks estimate that household annual spending will increase by about $1,300.
- **Pressure on Businesses**: Companies relying on Chinese supply chains face rising costs, and some industries (such as agriculture) are affected by China's retaliatory tariffs.
- **On China**:
- **Export Resilience**: Exports to the U.S. continue to grow, but some low value-added industries are shifting to Southeast Asia.
- **Accelerated Industrial Upgrading**: Domestic substitution is advancing in high-tech fields (such as semiconductors).
- **Global Supply Chain**: Intensifies the trend of “de-risking,” with Southeast Asia and Mexico becoming alternative production capacity hubs.

#美国加征关税 Impact **
- **On the United States**:
- **Increased Consumer Costs**: American think tanks estimate that annual household spending will increase by approximately $1,300.
- **Pressure on Businesses**: Companies reliant on Chinese supply chains face rising costs, with some industries (such as agriculture) affected by Chinese counter-tariffs.
- **On China**:
- **Export Resilience**: Exports to the U.S. continue to grow, but some low-added-value industries are shifting to Southeast Asia.
- **Accelerated Industrial Upgrade**: Domestic substitution is advancing in high-tech fields (such as semiconductors).
- **Global Supply Chain**: Intensifies the trend of 'de-risking', with Southeast Asia and Mexico becoming alternative production bases.

$BTC 1. **Macroeconomic Pressures**
- **Inflation and Interest Rate Concerns**: The U.S. February core PCE price index exceeded expectations (month-on-month increase of 0.4%, year-on-year increase of 2.8%), reinforcing expectations for the Federal Reserve to maintain high interest rates, which suppressed the performance of risk assets.
- **Decline in Consumer Confidence**: The University of Michigan consumer confidence index fell to its lowest level since 2022, exacerbating market risk-averse sentiment.

2. **Policy Uncertainty**
- **Trump's Tariff Policy**: The market is concerned that the upcoming announcement of a “reciprocal tariff” policy (expected average of 15%) may raise import costs and even trigger global trade frictions, further dampening market confidence.