On April 4, top trader Eugene Ng Ah Sio released his market views on the implementation of tariffs on his personal channel, saying that there is no certainty in the current global macro situation forecast. The expected value of the market is nearly zero. The current pricing implies the non-zero probability that Trump may withdraw tariffs, but the specific possibility and time node cannot be determined - although the result is either this or that, the process is full of variables.

In the crypto market, Bitcoin still shows amazing resilience, indicating that some market participants still regard it as a gold alternative (for speculation only). Other asset classes are in a mess. Small and medium-sized tokens (Total3 index) are still trapped in the abyss of no one’s interest and performing miserably. We need to be wary of the target grouping institutions - it is expected to usher in a wave of LP redemption this year, which will trigger passive selling of popular targets.