Overall, the day looks like capital rotation.

Money is flowing out of tired assets and into those with a narrative, expectations, or simply cleaner volatility.

Keep watching, this market clearly isn’t done talking yet.

But without contrast, there’s no real market.

Under pressure today are $LIT -6.2%, $ZEC -5%, $KCS -5.7%, $HBAR -1.8%.

This looks like classic profit taking and cooling interest after prior moves. Nothing dramatic, but a solid signal that the market is getting more selective.

• Rain is seeing a speculative push and fresh liquidity flowing into a low cap asset, a clear sign the market is hunting for fast ideas.

• Night is riding hype around niche projects and short term demand from traders chasing volatility.

• Chiliz is moving on expectations of renewed activity in fan tokens and fresh discussions around sports partnerships and Web3 integrations.

• Polygon continues to benefit from interest in scalable infrastructure as talks around enterprise use cases and ecosystem upgrades pick up.

Gainers today: $CHZ +11.1%, $POL +9.8%, $RAIN +7.6%, $NIGHT +7.1%, $MKR +6.6%.

Let’s take a closer look at what’s driving these moves and why the market is paying attention to these names in particular.

If tariffs are struck down (~70–75%), refunds of 150B+ come into, easing inflation short term.

But the policy doesn’t end. The administration has backup tools ready. Crypto likely pumps first, then returns: fiat remains unstable, accelerating tokenization and long-term crypto adoption.

If tariffs are upheld (~25%), this opens to major expansion, up to 60%+ on select goods.

Import prices rise, supply chains tighten, recession fears grow. Industrials win, tech loses. Crypto likely dips first, then flips bullish as an inflation hedge, reinforcing Bitcoin’s digital gold narrative.

Prediction markets reflect that shift.
Uphold tariffs: ~23–30%
Strike down: ~70–77%

Before hearings, odds were near 40%. Now markets are clearly pricing in a loss. Here is what each outcome could mean for markets and crypto.

More likely, we’re looking at a boring sideways range over the next few months. Or maybe not. Cycles have become extremely blurred lately.

The money has simply rotated into equities and precious stones. At the same time, I don’t think we’ll see a drawdown of more than 50% from the all-time high like in previous bear markets.

The CEO of CQ echoes this view, saying that capital inflows into $BTC have dried up. Liquidity channels have become more diversified, which makes trying to time capital inflows pointless.

• Memecoin trading volume reached $482B;
• Solana spot ETFs recorded net inflows of $1.02B;
• Stablecoin transfer volume on Solana climbed to $11.7T.

For now, it’s probably best to postpone the blockchain’s obituary. It’s doing just fine.

The market runs on rotation. Today money is flowing into AI and small caps, tomorrow it can leave just as fast. Already started buying memes?

• Stellar - moving lower with the market, no project-specific drivers.
• Internet Computer - weak demand and a general cooldown in risk assets.
• Floki - meme tokens take a hit at the first sign of declining risk appetite.

• Night Protocol - profit-taking after the prior move, buyers have stepped aside for now.
• Bonk - the meme sector is cooling off, fast money exits as quickly as it entered.
• Ripple - broad market pressure and a lack of fresh catalysts.
• Pepe - a standard pullback after an overheated rally.

Now to those under pressure today.
Today’s losers: $NIGHT -7.3%, $BONK -5.5%, $XRP -4.9%, $PEPE -4.3%, $XLM -4.3%, $ICP -3.6%, $FLOKI -3.6%.

• Tezos - steady upside amid rotation into older L1s and relative oversold conditions.
• Render - ongoing interest in GPU infrastructure and AI rendering is supporting price action.

• Hyperliquid - continues to attract buyers after strong volume and trader activity metrics.
• Pump - pure hype and retail FOMO, no fundamentals, but solid volatility.
• Bittensor - demand for AI tokens is coming back as the market leans into the AI narrative again.

• Rain Coin - sharp move driven by speculative demand and thin liquidity, a classic small-cap pop.
• Manta Network - gains supported by renewed interest in L2 solutions and expectations around ecosystem updates.