對全球貿易戰的擔憂繼續向傳統和加密貨幣市場施加壓力

比特幣（BTC）下跌了18％，在最初的關稅公告之後的兩個月中，標準普爾500指數（SPX）指數下降了7％以上

Concerns over a global trade war continue to pressure traditional and cryptocurrency markets as investors brace for a potential tariff announcement from US President Donald Trump on April 2 — a move that could set the tone for Bitcoin's price trajectory throughout the month.

對全球貿易戰爭的擔憂繼續向傳統和加密貨幣市場施加壓力，因為投資者在4月2日向美國總統唐納德·特朗普（Donald Trump）宣布的潛在關稅宣布，這一舉動可以為整個月的比特幣價格軌跡樹立基調。

Trump first announced import tariffs on Chinese goods on Jan. 20, the day of his inauguration as president.

特朗普於1月20日（即擔任總統就職日）首次宣布對中國商品的進口關稅。

Global tariff fears have led to heightened inflation concerns, limiting appetite for risk assets among investors. Bitcoin (BTC) has fallen 18%, and the S&P 500 (SPX) index has fallen more than 7% in the two months following the initial tariff announcement, according to TradingView data, TradingView data shows.

全球關稅的擔憂導致通貨膨脹的問題加劇，限制了投資者對風險資產的需求。 TradingView數據顯示，比特幣（BTC）下跌了18％，在最初的關稅公告後的兩個月中，標準普爾500（SPX）指數下跌了7％以上。

“Going forward, April 2 is drawing increased attention as a potential flashpoint for fresh US tariff announcements,” Stella Zlatareva, dispatch editor at digital asset investment platform Nexo, told Cointelegraph.

數字資產投資平台Nexo的調度編輯Stella Zlatareva Nexo告訴Cointelegraph，“展望未來，4月2日，作為新鮮美國關稅公告的潛在閃點。”

S&P 500, BTC/USD, 1-day chart. Source: TradingView

標準普爾500指數，BTC/USD，1天圖表。資料來源：TradingView

Investor sentiment took another hit on March 29 after Trump pressed his senior advisers to take a more aggressive stance on import tariffs, which may be seen as a potential escalation of the trade war, the Washington Post reported, citing four unnamed sources familiar with the matter.

《華盛頓郵報》報導說，在特朗普敦促其高級顧問對進口關稅採取更積極的立場之後，投資者的情緒再次受到打擊，這可能被視為貿易戰的潛在升級。

The April 2 announcement is expected to highlight reciprocal trade tariffs targeting top US trading partners. The measures aim to reduce the country's estimated $1.2 trillion goods trade deficit and boost domestic manufacturing.

預計4月2日的公告將重點介紹針對美國頂級貿易夥伴的互惠貿易關稅。這些措施旨在減少該國估計的1.2萬億美元商品貿易赤字並促進國內製造業。

Related: Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur Hayes

相關：比特幣“更有可能”在76.5k美元之前售價11萬美元 - 亞瑟·海斯（Arthur Hayes）

Bitcoin ETFs, whales continue accumulating

比特幣ETF，鯨魚繼續積聚

Despite mounting uncertainty, large Bitcoin holders — known as "whales," with between 1,000 BTC and 10,000 BTC — have continued to accumulate.

儘管存在不確定性，但大型比特幣持有人（稱為“鯨魚”）繼續積累。

Addresses in this category have remained relatively stable since the beginning of 2025, ranging from 1,956 addresses on Jan. 1 to over 1,990 addresses on March 27 — still below the previous cycle's peak of 2,370 addresses recorded in February 2024, Glassnode data shows.

自2025年初以來，該類別的地址一直保持相對穩定，範圍從1月1日的1,956個地址到3月27日的1,990台地址，但仍低於2024年2月在2024年2月記錄的2,370個峰值的峰值。

Whale address count. Source: Glassnode

鯨魚地址計數。來源：玻璃節

“Risk appetite remains muted amid tariff threats from President Trump and ongoing macro uncertainty,” according to Iliya Kalchev, dispatch analyst at Nexo, who told Cointelegraph:

Nexo的調度分析師Iliya Kalchev表示：“在特朗普總統和正在進行的宏觀不確定性的關稅威脅和持續的宏觀不確定性的關稅威脅中，風險的胃口仍然令人沮喪。

Related: $1T stablecoin supply could drive next crypto rally — CoinFund's Pakman

相關：$ 1T Stablecoin供應可能會推動下一個加密拉力賽 - Coinfund的Pakman

The US spot Bitcoin exchange-traded funds also halted their 10-day accumulation streak on March 28 when Fidelity's ETF recorded over $93 million worth of outflows, while the other ETF issuers registered no inflows or outflows, according to blockchain analytics firm Farside Investors.

Blockchain分析公司Farside Investers表示，美國現貨比特幣交易所交易的資金還停止了3月28日的10天積累連勝紀錄，當時Fidelity的ETF記錄了價值超過9300萬美元的外出流量，而其他ETF發行人則沒有註冊流入或流出。

Bitcoin ETF Flows. Source: Farside Investors

比特幣ETF流。資料來源：Farside Investors

Despite short-term volatility concerns, analysts remain optimistic about Bitcoin's price trajectory for late 2025, with price predictions ranging from $160,000 to above $180,000.

儘管有短期波動的問題，但分析師仍然對比特幣在2025年末的價格軌跡保持樂觀，價格預測範圍從160,000美元到超過180,000美元不等。

Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1

雜誌：SCB提示$ 500K BTC，SEC延遲Ether ETF選項等：2月23日 - 3月1日，Hodler's Impest，2月23日