QCP Capital analysis indicates that due to Trump's increase of global tariffs from 10% to 15%, macro risk sentiment has weakened. BTC broke below $65,000 in Asian morning trading, triggering approximately $230 million in long liquidations. The current price remains significantly below the average mining cost of around $84,000, leading to increased liquidity pressure on mining companies. Bitdeer has cleared its BTC reserves, and some mining firms are shifting towards AI businesses. However, market selling pressure is more restrained than earlier this year, with options skewness not significantly widening. ETF capital flows resemble basis trading liquidations rather than a full-scale exit, indicating that positions are being adjusted rather than eliminated.