Source: Cointelegraph Original: "{title}"
As investors prepare for the tariff policy that U.S. President Trump may announce on April 2, concerns over a global trade war continue to put pressure on both traditional and cryptocurrency markets—this move could set the tone for Bitcoin's (BTC) price movements throughout the month.
Trump first announced tariffs on Chinese goods on the day he was inaugurated as president, January 20.
Global tariff concerns have heightened inflation worries, limiting investors' appetite for risk assets. According to TradingView data, Bitcoin fell 18% in the two months following the initial tariff announcement, while the S&P 500 index (SPX) dropped over 7%.
"Looking ahead, April 2 as a potential flashpoint for the new U.S. tariff announcement is drawing increasing attention," Stella Zlatareva, editor at digital asset investment platform Nexo, told Cointelegraph.
S&P 500 index vs. BTC/USD daily chart. Source: TradingView
On March 29, investor sentiment was once again dampened. According to The Washington Post, citing four anonymous sources, Trump urged his senior advisors to take a more aggressive stance on import tariffs, which could be seen as a potential signal of an escalation in the trade war.
The announcement on April 2 is expected to detail reciprocal trade tariffs against major U.S. trading partners. These measures aim to reduce the country's estimated $1.2 trillion goods trade deficit and promote domestic manufacturing.
Despite the increasing uncertainty, large holders of Bitcoin (known as "whales") with between 1,000 to 10,000 BTC continue to accumulate.
Data from Glassnode shows that the number of addresses in this category has remained stable since the beginning of 2025, increasing from 1,956 addresses on January 1 to over 1,990 addresses on March 27—still below the previous cycle peak of 2,370 addresses recorded in February 2024.
Number of whale addresses. Source: Glassnode
"Under the threat of tariffs from President Trump and ongoing macro uncertainty, risk appetite remains subdued," Nexo analyst Iliya Kalchev told Cointelegraph:
"Nevertheless, the accumulation by whales and the continuous inflow of funds into ETFs for 10 days indicate stable institutional demand. However, hawkish surprises regarding inflation or trade could keep cryptocurrencies in a range-bound fluctuation in April."
Farside Investors data shows that U.S. spot Bitcoin exchange-traded funds (ETFs) ended a 10-day accumulation on March 28, with Fidelity ETF recording over $93 million in outflows that day, while other ETF issuers did not record any inflows or outflows.
Bitcoin ETF fund flows. Source: Farside Investors
Despite concerns over short-term volatility, analysts remain optimistic about Bitcoin's price trajectory later in 2025, predicting prices above $160,000 to $180,000.
Related: Bitcoin is "more likely" to hit $110,000 before retesting $76,500—Arthur Hayes
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
