Ongoing worries regarding a global trade war are weighing heavily on both traditional and cryptocurrency markets as investors prepare for a possible tariff announcement from US President Donald Trump on April 2. This decision could significantly influence Bitcoin’s price movement for the month ahead.
Trump initially introduced import tariffs on Chinese goods on January 20, coinciding with his inauguration.
Fears surrounding global tariffs have amplified inflation concerns, dampening risk appetite among investors. Bitcoin (BTC) has seen a decline of 18%, while the S&P 500 (SPX) index has dropped over 7% since the initial tariff announcement two months ago, according to data from TradingView.
“As we approach April 2, there is growing anticipation regarding potential new US tariff announcements,” Stella Zlatareva, dispatch editor at the digital asset investment platform Nexo, shared with Cointelegraph.
S&P 500, BTC/USD, 1-day chart. Source: TradingView
Investor sentiment took another blow on March 29 when Trump urged his senior advisers to adopt a more aggressive approach to import tariffs, a potential escalation of the trade conflict, the Washington Post reported, citing multiple unnamed sources.
The forthcoming April 2 announcement is anticipated to reveal reciprocal trade tariffs aimed at key US trading partners. These measures are designed to tackle the country’s estimated $1.2 trillion goods trade deficit and enhance domestic manufacturing.
Related: Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur Hayes
Bitcoin ETFs and Whales Persist in Accumulation
Despite rising uncertainty, substantial Bitcoin holders, commonly referred to as “whales,” who possess between 1,000 BTC and 10,000 BTC, have continued to accumulate.
The count of addresses in this category has remained stable since the start of 2025, increasing from 1,956 addresses on January 1 to over 1,990 addresses by March 27 — still shy of the previous cycle’s peak of 2,370 addresses recorded in February 2024, as per Glassnode data.
Whale address count. Source: Glassnode
“Risk appetite remains subdued amid tariff threats from President Trump and ongoing macroeconomic uncertainty,” said Iliya Kalchev, dispatch analyst at Nexo, in an interview with Cointelegraph:
“Nevertheless, BTC accumulation by whales, along with a 10-day streak of ETF inflows, indicates steady institutional demand. However, any hawkish surprises related to inflation or trade could keep crypto prices within a range leading into April.”
Related: $1T stablecoin supply could drive next crypto rally — CoinFund’s Pakman
US spot Bitcoin exchange-traded funds halted their 10-day accumulation streak on March 28, when Fidelity’s ETF reported over $93 million in outflows, while other ETF issuers noted no significant inflows or outflows, based on Farside Investors data.
Bitcoin ETF Flows. Source: Farside Investors
Amid short-term volatility concerns, analysts remain hopeful about Bitcoin’s price trajectory for late 2025, with predictions ranging from $160,000 to over $180,000.
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