Everyone blamed the market crash on everything except the real cause

BTC was at $126K in October. Then Trump announced 100% tariffs on China on October 10. Within 24 hours $19 billion in positions got liquidated. That single day started a 4 month decline that took us all the way to $60K

Then February happened again. Supreme Court struck down Trump's original tariffs. He fired back the same day with a new 15% global tariff under a different law. BTC dipped to $64K then bounced back to $68K

Here's what's interesting though. The market barely moved on the February tariff news compared to October. Same president same playbook completely different reaction

Traders got tariff fatigue. Wall Street even has a nickname for it now. "TACO trade" Trump Always Caves Or Oscillates. The market learned to wait and see instead of panic selling every headline

But the real story nobody talks about is the miner angle. Over 90% of Bitcoin mining rigs come from three Chinese companies. Every tariff hike makes importing those rigs more expensive for US miners. That's a supply side pressure that doesn't go away with market sentiment

Short term crypto is still reacting to tariff headlines as a risk asset. Long term the tariff chaos is actually a case for decentralization. When government policy gets this unpredictable the argument for assets outside that system gets stronger not weaker

Watching macro closely. This isn't over 👀

#CelebratingNewYearOnGateSquare #Macro