TechFlow News: On January 23, Matrixport released its chart of the day stating: “Trump’s latest round of tariff threats should be understood less as trade policy and more as a tactical maneuver—designed to induce market volatility in exchange for negotiating concessions. Markets have gradually deciphered this rhythm: news-driven shocks trigger immediate price repricing; selling pressure amplifies amid tightening liquidity; yet once negotiation signals emerge, prices often stabilize quickly and trading returns to a relatively orderly state.
The correlation between Bitcoin and global liquidity continues to strengthen, positioning Bitcoin increasingly as the most sensitive pricing asset within this cycle—functioning more like a high-beta proxy for global liquidity rather than a traditional macro hedge. Judging by its current behavior, this round of volatility appears to reflect transaction-level repricing driven by external disturbances, rather than signaling a structural deterioration in crypto fundamentals. On the contrary, recurring, exploitable volatility windows continue to emerge, offering disciplined investors opportunities to benefit. Meanwhile, other risk assets retain a degree of resilience, and markets’ marginal reaction to hawkish rhetoric is also dulling. Thus, this pullback may be more tactical than fundamental. Implications for portfolio positioning should not stem solely from short-term news flow but must instead account for shifts in pricing dynamics and liquidity structure. Notably, implied volatility has not risen significantly—prompting renewed questions about whether Bitcoin’s role as a ‘risk sentiment barometer’ is diminishing.”
