Recently, the market has been discussing a macro risk factor that is easily overlooked.

According to analysis, the US may soon expand its import tariffs on semiconductors and related products. This may sound like a trade issue, but in reality, it is gradually permeating the entire financial pricing system.

From the perspective of crypto assets, such policy changes will impact the market through multiple channels: firstly, affecting valuation expectations of tech assets, thereby influencing the overall risk appetite of institutional investors; secondly, altering the US trade deficit pattern, which could push up inflation expectations. Ultimately, these macro variables will be reflected in the price discovery of mainstream cryptocurrencies like Bitcoin and Ethereum.

In other words, the tariff variable is re-entering the market’s pricing model. Crypto traders need to start paying attention to this policy cue.