Source: Cointelegraph Original: "{title}"
The global financial markets continued to decline on April 7, with U.S. stocks dropping over 3%, resulting in a market value loss of more than $2 trillion at the opening. The pullback caused the S&P 500 index to fall by 2.79%, officially entering a bear market, down 20% from its recent historical peak.
However, after rumors spread that U.S. President Donald Trump was considering a 90-day suspension of tariffs, the S&P 500 index briefly rebounded by 6%. Bitcoin's price also broke through $80,000, but after a 30-minute price surge, the White House confirmed that the rumors were false.
Source: X
The S&P 500 index is currently in positive territory during the day's trading. Despite a slight increase, the bear market sentiment prior to the tariff suspension rumors still lingers, leaving the sustainability of the market recovery uncertain.
During the Asian trading session, stock markets in trade-dependent economies faced severe setbacks. The Hong Kong stock market index plummeted by 13%, marking its worst performance since the Asian financial crisis. Major stock indices in Shanghai, Taipei, and Tokyo also saw significant declines, ranging from 7% to 10%.
In fact, Nikkei 225 futures were suspended during the trading session due to triggering the circuit breaker mechanism.
Tensions between the U.S. and China continue to escalate, with President Trump confirming that if China does not withdraw its preliminary 34% tariffs on the U.S. by April 8, an additional 50% tariff on Chinese exports will be imposed on April 9.
Bitcoin Hits Annual Low, But Bitcoin Whales Are Accumulating
After a certain decoupling between Bitcoin and the U.S. stock market on April 3 and 4, Bitcoin's price fell by 6.5% over the weekend, reaching an annual low of $74,457 on April 7. This is the lowest price for Bitcoin since November 7, 2024, as speculators anticipate further price declines. Julio Moreno, head of research at CryptoQuant, stated, "Do not try to catch a falling knife. The market environment for Bitcoin has not improved. There is only one bull signal on the bull market score index."
Notably, data from Glassnode shows that Bitcoin whales (addresses holding over 10,000 Bitcoins) are accelerating their accumulation, while smaller holders continue to sell off. The accumulation trend score for whales reached 1.0 around April 1, reflecting a 15-day buying frenzy, the largest since the end of August 2024.
Accumulation trend score of Bitcoin holders. Source: X.com
Since March 11, Bitcoin whales have added 129,000 Bitcoins, with an accumulation score of 0.65, indicating a stable accumulation trend among whales. Meanwhile, the group holding less than 1 Bitcoin to 100 Bitcoins has shifted to distribution, with scores dropping to 0.1 to 0.2, expected to continue for most of 2025.
This trend aligns with Bitcoin finding support around $74,000, a level supported by 50,000 Bitcoin investors who have remained inactive since March 10.
At the same time, Bitcoin researcher Axel Adler Jr. pointed out that supply dynamics indicators show that the growth rate of new Bitcoin supply currently exceeds the annual change in active coins. Positive growth indicates an increase in market demand or accumulation, and historically, rises in this indicator have typically coincided with recoveries in Bitcoin prices.
Annual supply change of Bitcoin and new coins. Source: Axel Adler Jr.
Related: Binance states that Bitcoin shows "resilience," outperforming stocks and gold amid stock market declines.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research before making decisions.
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