At the beginning of 2025, the global financial markets were turned upside down by a series of aggressive trade policies. The implementation of tariff policies put pressure on the US dollar, which depreciated by up to 12% in the short term, marking the worst start in nearly 50 years. Meanwhile, the US stock market demonstrated remarkable resilience — although the S&P 500 initially fell more than 15% during the policy's early stages, it then rebounded fiercely, pushing the index toward the 7000-point mark.

Behind this seemingly contradictory trend reflects the market's vastly different interpretations of liquidity prospects. Wall Street's previous hope that inflation would support a strong dollar was completely shattered in the face of reality. Investors' choices are clear: capital flows into US stocks seeking growth, while selling off dollar assets.

Facing multiple pressures — escalating trade tensions, concerns over a tech bubble, and high government debt — the Federal Reserve adopted an unusually proactive stance, cutting policy interest rates three consecutive times. Although this move sparked discussions about the independence of the central bank, market expectations of ample liquidity have already been formed.

Against this macro backdrop, crypto assets such as Bitcoin and Ethereum have become new options for investors to diversify risk. A depreciating dollar environment often favors allocations to alternative assets, and market uncertainty has also increased interest in safe-haven tools.