With the Trump administration's reciprocal tariff measures set to take effect on April 2, reigniting concerns about escalating trade tensions, and the unexpected rise in the US February Personal Consumption Expenditures (PCE) price index reflecting persistent inflation pressures, Bitcoin has been declining for consecutive days, dropping to as low as $81,644 at its deepest point today. At the time of writing, it slightly rebounded to $83,306, down 0.9% in the past 24 hours. Market analyst Capital Flows previously warned that if macro liquidity cannot be continuously improved, and with rising market risk aversion leading to increased implied volatility premium, a significant drop in US stocks could potentially drag Bitcoin prices down to the $72,000 to $75,000 range. Notably, according to The Block data, after last year's US presidential election, market sentiment and speculative activity peaked, with daily trading volumes reaching as high as $126 billion. However, trading volumes have now plummeted about 70% from their peak to $35 billion, quickly returning to pre-election levels. The Trump administration's frequent tariff measures on major trading partners have added uncertainty to the market, causing trading enthusiasm in both traditional and crypto asset markets to cool down. The historical correlation between cryptocurrency trading volumes and total market capitalization remains. Crypto market cap once reached around $3.9 trillion and has now fallen to about $2.9 trillion, a decline of approximately 25%. This trading volume contraction could be a harbinger of significant market changes in the coming months. Historically, prolonged trading volume declines often bring intense market volatility, as reduced liquidity can amplify price movements when whales begin repositioning. The market may currently be waiting and watching the Trump administration's overall approach to cryptocurrency regulation. Under unclear policies, participants are choosing to remain cautious. While trading volumes are low, the relatively stable total market cap suggests the market might be in an accumulation phase, with investors focusing on positioning rather than frequent trading. Future policies defining cryptocurrencies and regulatory frameworks could potentially reignite market momentum.