Andrew Kang, the founder of the crypto venture firm Mechanism Capital, appears to have reaffirmed his confidence in Bitcoin’s price potential by taking a $200 million long position, according to onchain data.
“Andrew Kang just enhanced his Bitcoin position,” said the crypto analytics company Arkham in an X post on April 12. They detailed that an address associated with Kang had placed an additional $100 million long bet on Bitcoin (BTC), which carries a projected profit or loss of $6.8 million.
On April 9, Arkham highlighted that the wallet linked to Kang initiated a $100 million leverage-long bet on Bitcoin shortly after former US President Donald Trump made a post on Truth Social that same day stating, “THIS IS A GREAT TIME TO BUY!!! DJT.”
Source: Arkham
Just hours later, the Trump administration revealed a 90-day pause on its newly implemented global tariff regulations, which sparked a rally in both crypto and stock markets. The tariffs, initially announced on April 2, went into effect just hours earlier and had adversely affected most financial markets.
Kang remarked in an April 12 X post that the combination of trade war concessions and a “Trump put”— the expectation that the president will intervene to support the stock market — “provides the ideal circumstances for BTC to reverse a prolonged downtrend.”
Kang suggested that Trump’s April 9 post on Truth Social could indicate the emergence of the so-called “Trump put.” Source: Andrew Kang
In the meantime, Senate Democrats sent a letter on April 11 urging the Securities and Exchange Commission to investigate potential insider trading and market manipulation involving Trump and his affiliates over the post, which they claim “appears to have previewed his plans” to pause the tariffs.
Bitcoin’s Volatility Amid Tariff Uncertainty
Bitcoin has experienced more than a 2% fluctuation in the last 24 hours as the Trump administration shifted its position regarding tariff exemptions for Chinese electronics.
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Bitcoin reached a 24-hour low of $83,197, erasing most gains it had made leading up to the weekend, but it has since regained its footing, trading around $85,000 after reaching a peak of $85,315, according to CoinGecko data.
On April 13, Trump posted on Truth Social that “there was no tariff ‘exception’ announced on Friday,” April 11, adding that levies on Chinese electronics are “shifting to a different Tariff ‘bucket’” of 20%.
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