Bitcoin traders seemed to take the Federal Reserve’s interest rate decision well—too well, to hear deVere Group CEO Nigel Green tell it.

Although the Federal Reserve did not lower rates, as crypto traders might have hoped, Fed Chair Jerome Powell’s remarks provided some hope to markets that there would be two rate cuts later in the year.

But Green insists that President Donald Trump’s tariffs—taxes on imported goods—will have long-lasting effects that should scuttle the Fed’s optimistic projections.

Protectionist trade policies may encourage companies to manufacture their products in the U.S., he wrote. But however good “American made” sounds politically, it will be coupled with higher labor costs and fuel wage growth.

“The notion that inflationary pressures will quickly subside under these conditions is wishful thinking at best,” he wrote in a note shared with Decrypt. “Markets, it would appear, have bought into Powell’s messaging. Stocks surged as he reassured investors that the inflationary effect of tariffs would be short-lived.”

For now, investors seem happy with Powell’s hopeful outlook.

At the time of writing, Bitcoin’s price is up 1.8% compared to this time yesterday, trading at $85,208. Earlier in the day, it climbed above $86,000, according to CoinGecko data. But Bitcoin is still trading 11% lower than it was a month ago.

Users of on-chain prediction market MYRIAD, launched by Decrypt‘s parent company DASTAN, remain bullish on Bitcoin, with over 74% expecting it to hold above $83,000 by the end of the week.

Bitcoin and Ethereum ETF inflows have slowed to a crawl, but that’s not necessarily bad news, wrote BRN analyst Valentin Fournier in a trading note Thursday. He said overall trading activity remains elevated.

“Bitcoin ETFs saw $11.8 million in inflows, while Ethereum ETFs experienced $11.7 million in outflows, extending the trend of diverging netflows between the two assets,” he said. “While inflows have momentarily decreased, sustained high trading volumes indicate ongoing market engagement rather than weakening interest.”

Fournier said the firm remains neutral on Bitcoin and Ethereum, noting that BTC is doing well just to maintain its price position and ETH is still recovering its momentum.

But he rated Solana as “overweight” a day after the altcoin saw some big ETF news.

Later today, the Volatility Shares Solana ETF, which will track Solana futures contracts, will begin trading under the SOLZ ticker. And the Volatility Shares 2x Solana ETF, which will trade under the SOLT ticker, is a leveraged fund that will grant investors access to amplified returns—or losses. They’ll both trade on the Nasdaq.

At the time of writing, Solana has retreated slightly from the $136.09 high it set in the past day. But it’s still trading 2.5% above yesterday’s price, according to CoinGecko data.