On April 15, top trader Eugene Ng Ah Sio posted on her personal channel, "The past month has been very difficult. My intuition and judgment of the market have begun to fail due to a structural shift in the price drivers of the crypto market, from being dominated by internal factors to being dominated by macro factors.

In the past, I felt that I had certain "advantages" in judging market trends because I could explain the changes in the market well, but now this feeling is no longer there. This may be just a bad trading cycle, or it may mean other deeper changes that can only be proven by time.

Since March, I’ve been basically break-even, with trading volume down 60-70% from the previous month’s average. I will continue to keep trading volume low and set stop loss strictly until the market trend is confirmed to be in my favor again.

Again, I still don’t think the big cyclical pattern of the crypto market has changed - we were in a bear market before the tariff policy was introduced, and I think it is still the case now. I'm still inclined to look for short opportunities in altcoins (non-bitcoin) in the bear market rebound, because I think these currencies are far from entering the "deep value" area at the moment. "