The Wall Street Journal citing a study shows that tariffs imposed by the United States from January 2024 to November 2025 actually functioned as a domestic consumption tax, with 96% of the cost borne by American consumers and importers. This slow economic drag reduced disposable liquidity, which may explain why the cryptocurrency market has struggled to gain momentum since the sell-off in October last year, entering a stagnation phase rather than a sustained upward trend.