Assignments are difficult to write, I would rather write about the industrial changes brought by AI than do my homework, and as a result, I have delayed it until now. This mainly revolves around tariffs, geopolitical conflicts, and a series of related events that are slowly erupting, and there is currently no end in sight. Firstly, regarding tariffs, Trump believes that the tariffs he has set do not require the approval of the Supreme Court, which is the president's right, and this power has caused chaos in the EU and several other countries and regions.

Secondly, there is the issue of a $134 billion tariff refund, and the House of Representatives and the Senate are still wrangling. The Democrats hope to push for legislation, and they have clearly stated that they will not agree to Trump's tariffs after 150 days, but this 150-day period is likely to remain chaotic, lasting until early July.

And it doesn't stop there, the geopolitical conflict risk between the United States and Iran is escalating, oil prices in the U.S. are rising, and the Pentagon has submitted a funding adjustment plan to Congress, which will spend $151 billion on warships, missiles, and fighter jets. This money would be enough for tax refunds. According to predictive market data, the ratio of the Democrats winning the legislature in the midterms is increasing, making Trump and the Republicans uneasy.

Returning to Bitcoin data, the price drop has led to an increase in trading volume and turnover rate, but it is also clear that the participants in the turnover are mostly short-term investors who have bought and sold in the last two days. Investors whose holding costs are above $70,000 or below $60,000 have not shown significant changes, which also indicates that more investors are actively or passively moving towards long-term holding.

The chip structure is currently also very healthy, and it is evident that earlier investors have almost not participated in the turnover. My feeling is that it is becoming increasingly difficult for investors to give up their chips at low prices.

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