Attention all traders, tonight the crypto market might just be an upgraded roller coaster—final rulings on Trump's tariffs, a series of inflation data releases, and continuous statements from Federal Reserve officials. These factors stacking up together will definitely cause significant market volatility. It’s recommended to set your stop-loss orders properly; after all, no one wants to experience the feeling of receiving a margin call at 3 a.m.

First, regarding the tariff case, it’s much more stimulating than ordinary policy events. The Supreme Court’s ruling directly affects whether a large amount of tariff refunds can flow into the market—if the court rules these tariffs as "illegal," it’s equivalent to a huge liquidity delay, which is a strong potential buy signal for risk assets like stocks and digital assets. But don’t get too optimistic too early. Former White House economic advisor Hassett has already hinted that even if the lawsuit is lost, the government has other tricks up its sleeve. This kind of "retreat plan" is basically to prevent market liquidity from completely spiraling out of control.

Looking back at historical market movements, once Trump throws out tariff issues, the volatility in the crypto market immediately ignites. In October last year, when he threatened tariffs, it directly triggered a liquidation of leveraged positions worth $20 billion, causing Bitcoin to drop over 10% that day. Now that the ruling is out, regardless of the outcome, it will trigger investor panic rebalancing in the short term—crypto investors are always "reacting to the wind," and those with heavy leverage have long been itching to play the game.

Even more intense than the tariff case are two data releases scheduled at 21:30 (Beijing time)—November retail sales month-over-month (previous 0.00%, expected +0.4%) and PPI data (annual rate expected 2.7%, month-over-month expected +0.2%). These two data points are directly related to the Federal Reserve’s future policy direction, essentially holding the key to market liquidity. In the short term, the performance of these data will be enough to determine the capital flow trend for the next week.