So $BTC dumped from $111K to $108K today, $ETH's down harder at ~$2550… and yeah, the trigger seems pretty clear this time: Trump just threw tariffs back into the chat.. He’s proposing a 50% tariff on EU products, and also floated the idea of slapping tariffs on iPhones.. wild stuff. Markets obviously didn’t like that. Risk assets instantly pulled back, crypto included. We saw $500M in long positions wiped across BTC, ETH, SOL, DOGE, XRP etc. Felt like a classic “good news priced in, bad news hits harder” moment. But here’s where it gets interesting: While prices dipped, on-chain data still screams accumulation: - $BTC supply on exchanges is now down to 7.1% — lowest since 2018 - $ETH exchange supply below 4.9%, also an all-time low - Accumulation trend score for BTC is literally 1.0 (max bullish) - ETH whales are split.. some are buying the dip, while a couple dormant wallets just deposited $9M+ ETH to Kraken (could be prepping to sell or just move assets) So what now? → BTC holding above ATH = still macro bullish → ETH struggling near resistance = probably lags a bit more → Volatility likely to continue if Trump keeps dropping headlines Imo, if these tariff threats escalate into real policy again it could create more short-term fear in markets… but it also strengthens the longer-term bull case for BTC. Why? Because trade wars = global instability = more reasons to look for assets that aren’t tied to fiat politics. $BTC could thrive in that narrative. And don’t forget: - The GENIUS Act just advanced in the US (pro-stablecoin bill) - HSBC launched tokenized deposits in Hong Kong - US banks are planning a stablecoin venture Regulatory momentum is heating up behind the scenes. So yeah… today’s dump was about macro fear, not crypto fundamentals. I’m still cautiously bullish here. Wouldn’t be surprised if BTC grinds back to $120K once this tariff panic cools down. ETH will likely follow, just slower. Let’s see how next week plays out.