#中美商贸协议磋商 The international trade situation is like two big players testing each other on the chessboard—on the surface, it's tariffs, purchase orders, and technology controls; behind the scenes, it's about who gets to dominate the global supply chain. Every round of negotiations can stir the nerves of the market.

The old tricks over the years haven't changed: policy swings unpredictably, countermeasures come and go, rare earths and chips—those choke points—become bargaining chips for both sides. Whether policies will finally be implemented remains uncertain for everyone.

For the crypto market, the impact is obvious: when negotiations hit a snag, risk-off funds tend to flow out, $BTC first getting hammered down, but because of its "digital gold" attribute, it can recover; small altcoins often suffer a thousand-mile plunge. On the flip side, if the outlook improves, hot money flows from traditional safe-haven assets into crypto markets, making Bitcoin easier to soar with loose liquidity, even second-tier coins and payment projects can benefit; the most painful part is when negotiations stall and remain unresolved—then the crypto space becomes a roller coaster, retail investors are shaken out, while large funds quietly accumulate, and institutions watch coldly, waiting for policy boots to land.

Fundamentally, these macro changes influence coin prices by shifting market sentiment and capital flows. As ordinary participants, instead of obsessing over news and guessing ups and downs, it's much safer to observe on-chain activity and the movements of big players, tracking real capital flows.