There is a view worth scrutinizing regarding the impact of tariff policies on the cryptocurrency market. Some attribute the recent decline in cryptocurrencies directly to the failure of tariff expectations, interpreting it as a chain reaction of sell-offs in the US stock market. However, this logical chain has flaws.

First, the advancement of tariff policies has indeed been a hot topic in recent US stock market discussions, but it is far from the main determinant of US stock movements. Currently, the primary drivers of the US stock market remain the technology sector and AI narratives—both of which are relatively insensitive to tariff policies. Although some supply chains of tech giants involve imports, their core profits come from software, services, and AI applications, which carry limited policy risks.

In other words, attributing the volatility of the crypto market entirely to tariff expectations may overestimate the influence of this single factor. Short-term fluctuations in the crypto market are often more driven by market sentiment, capital flows, and technical support levels. In a context where the US stock market's tech narrative still dominates, the marginal impact of tariffs may not be as significant as imagined.