Many friends who do not pay attention to macroeconomics may find it difficult to understand, mainly due to liquidity reasons. Simply put, liquidity refers to the money in the market. When liquidity is abundant, it means there is more money in the market, while insufficient liquidity indicates that money in the market is decreasing.

One of the main factors affecting liquidity is the monetary policy of the Federal Reserve. When monetary policy is loose, it indicates that investors' risk appetite is increasing. In simpler terms, investors are more willing to invest, especially in high-risk, high-reward assets like cryptocurrencies.

Conversely, when monetary policy is tight, it indicates that investors' risk appetite is decreasing, meaning investors are less willing to invest in high-risk products and are instead very interested in low-risk but reasonably profitable assets, such as U.S. Treasuries.

Currently, we are transitioning from monetary tightening to monetary easing, but we are still in a phase of monetary tightening. On one hand, the Federal Reserve is still reducing its balance sheet (the Fed withdraws market liquidity through balance sheet reduction), and on the other hand, the U.S. federal funds rate remains high (which leads to higher loan rates).

Therefore, we can see that anything that could lead the Federal Reserve to shift towards easing is positive, such as a decrease in inflation. Conversely, anything that allows the Federal Reserve to maintain tightening is negative, such as an increase in inflation.

Trump's imposition of tariffs is a potential reason that could lead to rising inflation, and rising inflation is unfavorable for investors and does not help improve liquidity, thus becoming a negative factor.

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