# Uncertainty Bubble? 

_Tariffs, AI Tail Risks, and a BTC Market Structure Update_

February 25, 2026 • Michael Nadeau

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# Uncertainty Bubble?

## Tariffs, AI Tail Risks, and a BTC Market Structure Update

Michael Nadeau
 February 25, 2026

 Hello readers,

 Last week, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does *not* give the President authority to impose tariffs.

 Meanwhile, markets continue to wobble around AI uncertainty.

 We share our views on both topics this week + provide an update on BTC market structure and how we’re approaching portfolio management.

 Topics covered:

- [The Supreme Court Ruling](#the-supreme-court-ruling)

- [AI & Tail Risks](#ai-tail-risks)

- [BTC Market Structure Update](#btc-market-structure-update)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

*The DeFi Report is powered by **[Galaxy](https://www.galaxy.com/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=uncertainty-bubble)**: helping the world invest, build, and transform — relentlessly. *

[](https://www.galaxy.com/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=uncertainty-bubble)Galaxy is a global leader in digital assets and data center infrastructure, delivering institutional solutions across trading, asset management, staking, custody, and tokenization. Alongside financial services, Galaxy builds AI- and HPC-ready data centers, including 1.6 GW of approved power at its Helios campus, built for scale through every cycle.

 Let’s go.

# The Supreme Court Ruling

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