#特朗普加密货币政策新方向 How long can political traffic be speculated? This question was recently answered by the big dump of a certain American president's concept asset.

From the highlights of the day of taking office to now, those once-hyped related assets are experiencing a collective collapse. The stock price of Trump Media & Technology Group (DJT) has been halved and then halved again, with a 75% fall leaving those who bought in at a high feeling hopeless. Even worse are the two meme coins named after him and his wife - one fell by 86%, while the other directly evaporated by 99%, basically declaring a return to zero. Even the family crypto project World Liberty Financial, launched last September, did not escape, with a 40% drop far below the hype at that time.

Behind this wave of collapse is actually a large-scale retreat of market sentiment.

Initially, everyone expected the new government to relax regulations and give the crypto industry a green light. However, after taking office, they first focused on adjusting trade policies, completely disrupting the market rhythm. The speculation logic broke, and money naturally withdrew. Meanwhile, mainstream coins like $BTC and $ETH were also oscillating at high levels, and high-valuation targets like AI infrastructure stocks generally retraced. The entire market's risk appetite has clearly tightened—speculative frenzy is over, and it’s time to return to fundamentals.

Alpine Macro's chief strategist Nick Giorgi stated that this is a necessary cooling-off period. The meme stocks, retail favorite stocks, and those tech stock indices that are still burning cash, have all fallen back across the board in the past month. The market is beginning to reassess: do these assets really have genuine profitability? Or are they just being propped up by concepts and traffic?

In the end, political narratives can create wealth in the short term, but in the long run, one must rely on performance to speak. Those funds that once dared to go all in just because of a name are now voting with their feet. As for whether these assets can turn around based on actual performance? We'll wait and see.