Affected by the Trump administration's new round of trade tariffs, the attractiveness of US assets has declined, and the seven-day annualized volatility of the S & P 500 has soared to 169%, surpassing the 83% volatility of Bitcoin in the same period and setting a new high since the 2020 epidemic. Investors sold US bonds sharply, causing the 10-year yield to rise to 4.45%, and the US dollar index fell to 100, the lowest since September last year. According to the head of research at CoinShares, the current market may be turning to a new type of stored value asset represented by Bitcoin and resistant to political interference.