Trump's time in office was not an ideal moment, at least for the president; his predecessor Biden indeed left a huge mess. Aside from the long-standing historical burdens, there is $36 trillion in national debt, a federal budget deficit of $1.8 trillion, 4.2 million federal employees working from home, a massive number of illegal immigrants, an unsustainable judicial reform, and the ongoing expansion of sanctions against Russia. Faced with this mess, Trump had to implement drastic reforms, where cutting costs became crucial. First, he let his confidant Musk take the lead in drastically reducing internal government expenditures; second, he raised tariffs to generate revenue and enforce reforms; third, he could not allow poor relatives to drain resources, which also pointed to a ceasefire in the Russia-Ukraine conflict and increased military spending by the EU. In the long run, a series of combined strategies have foreseeable effects: streamlining government agencies can reduce government spending, managing the border can expand national security boundaries, and increasing tariffs can lower trade deficits flowing back to the U.S. However, reforms often come with bleeding, and the period of pain is unavoidable. The period of pain has just begun, and the market is struggling. Currently, all currencies are gradually warming up; is this warming a short-term rebound or a prelude to a reversal? From the current situation, despite the frequent good news, the voices, including Trump’s, have already had a hard time influencing the crypto market. The market's own ability to generate liquidity is weak, requiring an injection of external liquidity rather than any verbal policy benefits. Regardless, under the circumstances dominated by the external economic situation, tariffs, inflation, and geopolitics will all impact the crypto market. For investors, aside from waiting, perhaps it is still just waiting.