On January 20, during his inauguration, Donald Trump announced import tariffs on Chinese goods. In the two months following this statement, Bitcoin has dropped 18%, while the S&P 500 index has lost over 7%.

According to Stella Zlatareva, an editor at the Nexo investment platform, the April 2 announcement could be a key turning point for the markets.

Trump’s New Tariffs and Their Global Impact

The Washington Post reported that Trump is pressuring his top advisers to take a more aggressive stance on import tariffs, raising concerns about an escalating trade war.

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The April 2 announcement is expected to detail reciprocal trade tariffs targeting major U.S. trading partners. These measures aim to reduce the country’s $1.2 trillion trade deficit and boost domestic manufacturing.

Bitcoin ETFs and Whales Keep Accumulating

Despite market uncertainty, large Bitcoin holders (“whales”) with 1,000–10,000 BTC continue accumulating.

Since the beginning of 2025, whale addresses have increased from 1,956 to over 1,990, though still below the previous cycle’s peak of 2,370 in February 2024.

Nexo analyst Iliya Kalchev noted that risk appetite remains low due to tariff threats and macro uncertainty:

“Whale accumulation and a 10-day ETF inflow streak signal steady institutional demand. However, hawkish surprises from inflation or trade policies could keep crypto rangebound in April.”

However, Bitcoin spot ETFs ended their 10-day accumulation streak on March 28. Fidelity’s ETF saw $93 million in outflows, while other ETF issuers reported zero inflows or outflows.

Long-Term Bitcoin Outlook

Despite short-term volatility concerns, analysts predict Bitcoin could reach $160,000–$180,000 by late 2025.

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