yes

Moving forward in uncertainty, but mean reversion will occur!
The Trump administration has once again promoted tariff policies, which have become a clear downward factor for Bitcoin since 2025. Tariff policies directly affect corporate profits, inflation, and expectations of monetary policy, weakening overall risk appetite and making risk assets, including Bitcoin, more susceptible to correction impacts.

The impact of economic risks on Bitcoin is rapidly evident, as investor behavior adjusts quickly. With increasing uncertainty regarding economic growth and interest rate prospects, investors tend to reduce risk exposure in the short term. In this process, Bitcoin is often viewed as a liquid asset that can be temporarily sold to reduce portfolio risk, rather than a long-term store of value.

CEX net flow provides a supplementary perspective. During the adjustment phase, a brief increase in CEX inflows can be observed, which aligns with temporary position adjustments. However, these inflows did not persist, indicating that there is no ongoing structural selling pressure. #加密市场观察 $BTC
{future}(BTCUSDT)