HTX DeepThink: As the expiration date for US tariffs approaches, encryption volume continues to decline, with macro uncertainty looming over the market.

According to Deep Tide TechFlow news, on July 1, HTX DeepThink columnist and HTX Research researcher Chloe (@ChloeTalk1) analyzed that as of July 1, the 24-hour spot trading volume continued to fall to about $104 billion, down more than 20% compared to early June, with Bitcoin fluctuating around $107,000. As the U.S. tariff expiration date on July 9 approaches, the market is increasingly worried that rising import costs and tightening dollar liquidity will suppress overall demand for risk assets.

At the same time, the "Pennsylvania Plan" proposed by Deutsche Bank is gradually gaining market attention. This plan aims to attract domestic institutions and retail investors in the United States to actively subscribe to government bonds through measures such as regulatory exemptions, tax incentives, and stablecoin legislation, thereby reducing reliance on foreign funds and promoting the development and adoption of dollar-pegged stablecoins.

In terms of on-chain data, the demand momentum index released by CryptoQuant has fallen to a historical low, indicating a significant weakening of market buying power. The Bitcoin network's hash rate has slightly adjusted down to 776 EH/s since mid-June, and miners' average daily income has dropped to about $493,000, with short-term selling pressure increasing. In the derivatives market, after the surge of Bitcoin options worth $15 billion that expired on June 27, the Put/Call ratio for Bitcoin remains around 0.74, with the total open interest stable at a high of $90 billion. CME FedWatch tool data shows that market expectations for a rate cut by the Federal Reserve in September have risen to over 70%, and the uncertainty of macro policies still dominates short-term market sentiment.