According to the latest research from the Kiel Institute for the World Economy in Germany, between January 2024 and November 2025, 96% of the costs of tariffs imposed by the United States ultimately fall on American consumers and importers. This figure is quite alarming—the purchasing power on the consumption side is severely squeezed, and disposable liquidity has shrunk significantly. When household and corporate cash flows are eaten up by tariff costs, the funding environment naturally tightens. For the crypto market, this macro liquidity pressure is most directly reflected in shrinking market trading volumes and decreased capital activity. Against the backdrop of slowing economic growth and suppressed consumer willingness, it will be difficult for the crypto market to find new incremental funds in the short term.