Tariffs remained the centerstage of focus over the past week, with volatile negotiating tactics translating to turbulent price action across most asset classes. Many investors were reminded of counterparty, issuer, credit, and supply chain risks over the past week, which do not apply to bitcoin.

Tariffs dominated the headlines of the week, as the Trump administration blanketed other countries with "reciprocal" tariffs. Markets reacted very negatively to the tariffs due to inflation and recession concerns. Meanwhile, bitcoin sold off less than anticipated amid the broader market turbulence, setting the asset up for strength when the equity markets eventually bounce back, while hash rate reached new all time highs.