According to The Kobeissi Letter, on April 9th, it was revealed that the bond market has become Trump's immediate economic focus. Despite weeks of assurances that there would be no tariff delay, a sudden break in the bond market led to a 90-day tariff pause within just 12 hours (source: The Kobeissi Letter, May 21, 2025). This rapid policy shift highlights heightened sensitivity to macroeconomic pressures, suggesting increased volatility across traditional and crypto markets. Traders should monitor US bond market developments closely, as policy pivots like this can trigger risk-on or risk-off reactions in Bitcoin, Ethereum, and major altcoins.