Thinking about Trump continuing to impose tariffs,

Thinking of the escalation between Russia and Ukraine,
Even thought about the Fed raising interest rates,
I never expected that the black swan was them tearing each other apart...

However, such events have not really shaken the fundamentals of cryptocurrency.

It does not affect the market's faith in cryptocurrency.

It does not affect the real economy of the US stock market; at most, it can only have a substantial impact on TSLA stock.

This does not affect the Federal Reserve's monetary policy.

Even Musk's stance may not necessarily influence Trump's policies.

Therefore, the negative impact of this "black swan" is limited,

But the fragility of the market is obvious. If this happened in 2024, the impact on the market may be weaker, but it happened in June 2025, and some people believe that the bull market is over, which will cause the currency market to be more "weak" than in 2024.

However, Brother Bee wants to ask, with the growing impact of ETFs, will traditional on-chain indicators still be as effective as before? Do ETF investors believe more in macro cycles or BTC's halving cycle?

As for altcoins, the four-year cycle is formed due to BTC halving, what does it have to do with altcoins?