对全球贸易战的担忧继续向传统和加密货币市场施加压力

比特币（BTC）下跌了18％，在最初的关税公告之后的两个月中，标准普尔500指数（SPX）指数下降了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.

对全球贸易战争的担忧继续向传统和加密货币市场施加压力，因为投资者在4月2日向美国总统唐纳德·特朗普（Donald Trump）宣布的潜在关税宣布，这一举动可以为整个月的比特币价格轨迹树立基调。

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

特朗普于1月20日（即担任总统就职日）首次宣布对中国商品的进口关税。

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.

全球关税的担忧导致通货膨胀的问题加剧，限制了投资者对风险资产的需求。 TradingView数据显示，比特币（BTC）下跌了18％，在最初的关税公告后的两个月中，标准普尔500（SPX）指数下跌了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.

数字资产投资平台Nexo的调度编辑Stella Zlatareva Nexo告诉Cointelegraph，“展望未来，4月2日，作为新鲜美国关税公告的潜在闪点。”

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

标准普尔500指数，BTC/USD，1天图表。资料来源：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.

《华盛顿邮报》报道说，在特朗普敦促其高级顾问对进口关税采取更积极的立场之后，投资者的情绪再次受到打击，这可能被视为贸易战的潜在升级。

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.

预计4月2日的公告将重点介绍针对美国顶级贸易伙伴的互惠贸易关税。这些措施旨在减少该国估计的1.2万亿美元商品贸易赤字并促进国内制造业。

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

相关：比特币“更有可能”在76.5k美元之前售价11万美元 - 亚瑟·海斯（Arthur Hayes）

Bitcoin ETFs, whales continue accumulating

比特币ETF，鲸鱼继续积聚

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

尽管存在不确定性，但大型比特币持有人（称为“鲸鱼”）继续积累。

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年初以来，该类别的地址一直保持相对稳定，范围从1月1日的1,956个地址到3月27日的1,990台地址，但仍低于2024年2月在2024年2月记录的2,370个峰值的峰值。

Whale address count. Source: Glassnode

鲸鱼地址计数。来源：玻璃节

“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的调度分析师Iliya Kalchev表示：“在特朗普总统和正在进行的宏观不确定性的关税威胁和持续的宏观不确定性的关税威胁中，风险的胃口仍然令人沮丧。

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

相关：$ 1T Stablecoin供应可能会推动下一个加密拉力赛 - 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，美国现货比特币交易所交易的资金还停止了3月28日的10天积累连胜纪录，当时Fidelity的ETF记录了价值超过9300万美元的外出流量，而其他ETF发行人则没有注册流入或流出。

Bitcoin ETF Flows. Source: Farside Investors

比特币ETF流。资料来源：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.

尽管有短期波动的问题，但分析师仍然对比特币在2025年末的价格轨迹保持乐观，价格预测范围从160,000美元到超过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

杂志：SCB提示$ 500K BTC，SEC延迟Ether ETF选项等：2月23日 - 3月1日，Hodler's Impest，2月23日