As concerns regarding a potential global trade war loom over both traditional and cryptocurrency markets, investors are feeling the pressure of a potential tariff announcement from U.S. President Donald Trump on April 2. This impending announcement is crucial, as it could significantly influence the price trajectory of Bitcoin throughout the month.
Trump’s initial import tariffs on Chinese goods were first laid out on January 20, the very day of his inauguration. Since that pivotal moment, the fear of global tariffs has surged, contributing to heightened inflation concerns that have led to a more cautious investment landscape. Bitcoin (BTC) has experienced an 18% decline, while the S&P 500 index has dropped over 7% in the two months since the initial tariff announcement, according to TradingView data.
April 2 has emerged as a focal point for investors, drawing heightened attention as the potential date for fresh U.S. tariff announcements. Stella Zlatareva, dispatch editor at digital asset investment platform Nexo, remarked on the significance of this upcoming date as a possible flashpoint for market shifts.
S&P 500, BTC/USD, 1-day chart. Source: TradingView
On March 29, investor sentiment further soured as Trump reportedly pressured senior advisers to adopt a more aggressive stance on import tariffs. This was perceived as a potential escalation in the ongoing trade conflict, prompting many investors to reassess their positions.
The anticipated April 2 announcement is expected to disclose reciprocal trade tariffs aimed at the U.S.’s key trading partners, with the overarching goal of addressing the nation’s estimated $1.2 trillion goods trade deficit while bolstering domestic manufacturing.
Accumulation Trends Amid Trade Uncertainty
Despite the growing uncertainty surrounding trade policies, large Bitcoin holders—also known as ‘whales’—have continued to accumulate their assets. These entities, holding between 1,000 BTC and 10,000 BTC, have seen their numbers rise steadily since the beginning of 2025, as evidenced by data showing an increase from 1,956 addresses on January 1 to over 1,990 addresses by March 27.
Whale address count. Source: Glassnode
Iliya Kalchev, a dispatch analyst at Nexo, stated that risk appetite remains muted amid tariff threats and ongoing macroeconomic uncertainty. However, he highlighted that the steady accumulation of Bitcoin by whales and a recent 10-day streak of ETF inflows indicate persistent institutional demand. Nevertheless, any unexpected developments related to inflation or trade may continue to keep the cryptocurrency market rangebound into April.
The U.S. spot Bitcoin exchange-traded funds experienced a halt in their 10-day accumulation streak on March 28 when Fidelity’s ETF faced a notable outflow of over $93 million. This lack of inflow raises questions about the stability of institutional investment in the crypto space.
Bitcoin ETF Flows. Source: Farside Investors
Despite the potential for short-term volatility, analysts remain optimistic about Bitcoin’s price trajectory for late 2025, with projections ranging from $160,000 to over $180,000. As the crypto market continues to grapple with external pressures, one thing remains clear: the interplay between trade policies and cryptocurrency valuations is a dynamic that investors must continue to monitor closely.
