Analysis: Tariff threats continue to impact Bitcoin, market makers may amplify market volatility

Due to Trump's tariff threats against European countries opposing his "takeover of Greenland," geopolitical tensions have escalated, causing Bitcoin and major cryptocurrencies to decline in sync with Nasdaq futures.

In addition to macroeconomic headwinds, internal market mechanisms may also exacerbate price volatility. Data shows that Bitcoin options market makers are currently in a negative gamma exposure in the $86,000–$95,000 range. In a negative gamma state, market makers often passively buy when prices rise and sell when they fall to hedge risks, thereby amplifying market fluctuations. The market is also paying attention to the potential Supreme Court ruling risks regarding Trump's tariff policies. Analysts point out that if the ruling is unfavorable, it could trigger greater volatility in trade policies, fiscal deficit expectations, and other areas in the short term.

In traditional markets, the yield on the U.S. 10-year Treasury bond has risen to a four-month high of 4.37%, the dollar has weakened, and U.S. stock futures are under pressure, indicating overall pressure on U.S. stocks and risk assets.