#特朗普向欧洲实施新一轮关税措施 Recently, the crypto market has been continuously declining, and many people have overlooked the true trigger point.

Yesterday, a key event occurred—the U.S. Supreme Court did not announce a ruling on the tariff case but instead announced a recess of about 4 weeks. This directly pushed the next potential ruling window to after February 20th, and it could even be extended into June.

Why is this so important? Because it directly relates to the cycle of global trade uncertainty.

**The logical chain is as follows:**

As long as the Supreme Court delays making a final decision, the "card" of tariffs remains in play. And what does tariffs represent?

- Escalation of global trade friction
- Repeated shocks to inflation expectations
- Repricing of risk assets

The market's reaction is very straightforward—it’s not waiting for the result but immediately switching to "defensive mode." What you see now is: gold strengthening, risk assets under pressure, and $BTC giving up previous gains. It may look like emotional volatility, but in reality, it’s a macro-level revaluation of risk.

**What’s the short-term outlook?**

Regarding Trump’s tariff measures against various countries, there’s no need to be overly pessimistic. Tariffs are more of a negotiation tool. Future international meetings like Davos will gradually advance bilateral negotiations, with a typical pattern of "initial toughness, followed by retreat," leaving clear room for negotiation.

**But this cannot change one fact:**

"Non-decision" itself is the biggest source of negative news. Because it means—

Uncertainty has been actively prolonged, the risk window remains open, and funds can only choose to wait and see.

From a trading perspective, one sentence is enough: this round of decline is not about the final result, but about the act of "waiting for indefinite postponement" itself.

Before a definitive ruling is made, the crypto market is unlikely to show a clear unilateral trend. A more probable scenario is: under the shadow of global macro pressure, repeated battles and oscillating consolidation.