Binance Research Institute released its latest report. Since Trump returned to the White House and significantly increased import tariffs, the crypto market has fluctuated sharply. BTC has fallen by more than 19% since its high at the beginning of the year and ETH has fallen by more than 40%. The total market value has shrunk by nearly $1 trillion, and safe-haven funds have poured into gold and bonds. Research points out that the continued trade frictions and stagflation risks have put the Federal Reserve in a policy dilemma, and the market has begun to expect interest rate cuts to occur several times this year. Bitcoin's linkage with the stock market in the short term and its negative correlation with gold shows its risk asset attributes. However, in the long run, if inflation continues to be high and interest rates fall, Bitcoin may become an investment choice for anti-inflation hard assets again. The crypto market may remain volatile and highly sensitive in the short term, while the long-term prospects depend on the evolution of the global macro environment, the Fed's policy path and whether the crypto industry can regain independent narrative and asset positioning.