On January 21, CryptoQuant analyst XWIN stated that the Trump administration's renewed push for tariffs has become a clear downside factor for Bitcoin since 2025. Tariff policies directly impact corporate profits, inflation, and monetary policy expectations, weakening overall risk appetite and making risk assets, including Bitcoin, more vulnerable to corrections.
The impact of economic risks on Bitcoin is rapid because investor behavior adjusts quickly. With increasing uncertainty about economic growth and interest rate prospects, investors tend to reduce their risk exposure in the short term. In this process, Bitcoin is often viewed as a liquid asset that can be temporarily sold to reduce portfolio risk, rather than a long-term store of value.
CEX net inflows provide a complementary perspective. During the adjustment phase, a brief increase in CEX inflows can be observed, consistent with temporary position adjustments. However, these inflows are not sustained, indicating the absence of persistent structural selling pressure.
