Since Trump began his second term in 2025, it is not a single market that has been disrupted, but rather the established order that was once taken for granted.

Initially, many people had high expectations for him, hoping he would bring clearer direction and stronger execution, but the reality was that tariffs and policies frequently reversed, weakening the certainty of global trade; his tough stance on the EU, NATO, and Greenland also made the alliance system less stable. Capital began to price in more uncertainty rather than growth, US stock volatility increased, gold strengthened, and BTC oscillated between risk assets and safe-haven assets. Long-term planning gradually failed, markets shifted toward short-term speculation and event-driven strategies, and the crypto market was no longer characterized by a "bullish full cycle" narrative, but instead experienced highly concentrated liquidity, with most tokens marginalized.

When a person is entrusted with high expectations but continually breaks the existing rules, doubts and opposition naturally accumulate over time. More and more people stand against him.