
A macro sea change — tariff threats, capital rotation into AI/large-cap tech, and deglobalization — is reducing risk appetite for crypto and helping explain the recent drawdown. This piece unpacks the transmission channels to on‑chain indicators (exchange supply, active addresses, BTC dominance) and lays out portfolio-level adjustments for volatility control.

Bitcoin has surged to an impressive $103,744, driven by optimistic U.S. tariff negotiations and speculations of a Federal Reserve interest rate cut. These factors have reinvigorated the crypto market, attracting increased investor interest.