Trump's tough remarks towards China have turned the global market upside down. A statement of "no need to meet," coupled with warnings about financial countermeasures and rare earth tariffs, not only caused the Nasdaq to fall 3.56%—a rare occurrence—but also dragged down crypto assets due to latency effects, with over a hundred billion USD in leveraged positions being wiped out in an instant. Interestingly, this time both traditional assets and the emerging crypto world fell together, a scene that is not commonly seen. When extreme market conditions arise, the weaknesses of various trading systems become apparent. While most decentralized exchanges experienced lock-ups and outages, Hyperliquid remained exceptionally stable, operating smoothly as if nothing had happened. Its vault product HLP soared against the wind, rising 40%, perfectly showcasing a performance of "while others panic, I profit." On the other hand, large funds engaging in USDC arbitrage were also busy, calmly harvesting eight-digit profits, reaffirming the old saying: the more chaotic the market, the more obvious the opportunities for risk-free arbitrage.

Although this round of leveraged liquidation has caused quite a few people pain, it can be considered a major cleanup for the market. Looking back at the past, after geopolitical tensions explode, the market often throws out new golden opportunities. The most important thing right now is to manage your cash well and not get forcefully liquidated by the system during the violent fluctuations. As long as you stay at the table, there will always be a chance to wait for the next round.
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