Trump slapped Canada with a 50% tariff on cars and steel. Bitcoin promptly slipped below 78,000, and is now trading at 78,362. During the day, the market was still being ground down; at night, macro slapped it awake with a heavy blow.
During the day, the good news of U.S. Treasury bond repo rates was trumpeted loudly, but when you算 it up, the actual scale is only just over $200 billion—expectations got a bucket of cold water first. At the U.S. market open, chip stocks all got hammered: AAOI plunged 17 points dragging down optical communications, Sandisk was down 9 points, Micron, Seagate, and Western Digital were all lower, and the Philadelphia Semiconductor Index fell 2 points.
What tears most is that encryption-concept stocks are rising against the trend: Strategy is up 2.7%, Coinbase up 2.4%, and Circle up 3.5%. U.S. stocks fall while crypto stocks rise—clearly, the money is still drilling into crypto.
The air force is looking very aggressive tonight—pushing the big cake down all the way to the 78,000 mark. Below that, we’ll see whether the 77,000 level can hold as a key line of defense. Bulls are still shouting that this bull run starts with a threefold move, and that Ethereum will bounce even harder—both sides are betting. It’ll come down to who admits defeat first.
My take: the pit created by macro-level bearish pressure has always been there for those brave enough to catch it. Tonight, don’t chase shorts and don’t rush to buy the dip. If it truly holds below 78,000, I’ll be the first to get on board—then don’t say I didn’t warn you.