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Tariff Refunds Bolster Bitcoin Macro Outlook

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The shift from court hypothesis to Treasury accounting has made the tariff refund trade a tangible macroeconomic factor. With $35.46 billion in refunds processed by May 11, Bank of America analysts suggest this liquidity injection could cool inflation, potentially easing pressure on risk assets like Bitcoin. Traders are now reassessing the macro implications, as a more favorable inflation outlook may improve Bitcoin's appeal as a hedge.

While the immediate price impact remains debated, the broader narrative is increasingly supportive. Reduced inflation risks could delay hawkish monetary policy, providing a tailwind for speculative assets. However, the market remains cautious, watching for confirmation that this trend persists. If sustained, Bitcoin could benefit from a stronger macro backdrop, though near-term volatility persists.

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