The 2025 crypto market resembles an absurd drama woven with code and politics, with Donald Trump as the most controversial protagonist. Six months ago, this politician who dubbed himself the 'Crypto President' fired three bullets at the market through the issuance of personal meme coins, increased tariffs, and high-profile policy declarations.
Now, the trajectories of these bullets arc through the intertwined spaces of the virtual and the real, ultimately striking the bullseye—market liquidity exhaustion, a crisis of regulatory trust, and the backlash of political games are devouring the ambitions of this 'Crypto Tsar'.
The First Bullet: Meme Coin Carnival and Liquidity Black Hole
On January 18, 2025, Trump announced the launch of his personal meme coin TRUMP on social media, with a surge of over 15,000% within 12 hours, pushing its market value beyond $80 billion. This absurd spectacle of a 'head of state issuing currency' instantly ignited the market, causing funds to flood from mainstream coins like Bitcoin and Ethereum, while tokens outside the SOL chain plummeted, forcing innovation tracks like AI Agent and DeSci to hit the pause button.
The power of this bullet far exceeds expectations: the Trump team's design of holding 80% of locked tokens has turned the market into a marionette. As the lock-up period gradually lifts, project parties can either dump the market to cash out through exchanges or pledge to manipulate profits in DeFi protocols, resulting in a continuous siphoning of the ecosystem. BitMEX founder Arthur Hayes remarked, 'the $100 billion valuation is a signal that the market has peaked,' predicting the signs of the impending crash six months later. Today, the market value of $TRUMP has shrunk by 72% from its peak, and most of the innovative projects that were drained of funds have not recovered.
The Second Bullet: The Tariff Club and the Collapse of Market Confidence
On February 1, Trump signed a tariff increase order, imposing additional taxes on imported goods from countries like China, Mexico, and Canada. Global risk assets fell sharply in response, with Bitcoin dropping over 7% in a single day to fall below $100,000, Ethereum plunging 25%, and other mainstream coins generally declining over 10%. Although the tariff policy was temporarily suspended due to negotiations with Mexico, causing a rebound in coin prices, the market has already keenly sensed the warning signs—this president, who claims to make America the crypto capital, is personally tying cryptocurrencies to the geopolitical war chariot.
The deeper contradiction lies in the tearing of policy commitments: Trump has incorporated Bitcoin into the national strategic reserve, claiming that tokens like XRP, SOL, and ADA will receive official endorsement; on the other hand, he exacerbates the turmoil of dollar hegemony through trade wars, forcing crypto assets to become safe-haven tools rather than vehicles for innovation. When the White House crypto summit in March failed to introduce a substantive regulatory framework, the market finally realized that the so-called 'strategic reserve' was merely a smokescreen for electoral politics.
The Third Bullet: Family Scythe and the Collapse of Regulatory Credibility
The 'clear-out shout' incident of Trump’s second son Eric Trump lays bare the collusion between political power and capital harvesting. After World Liberty Financial reported a drastic drop in ETH holdings from 66,000 to 52, Eric proclaimed on social media that 'now is the best time to increase ETH holdings,' only to later shift his focus to BTC while hinting at a sell-off. This 'shoot first, draw the target later' operation has rendered the crypto committee chairman David Sacks' declaration of 'building the golden age of digital assets' a laughing stock.
Ironically, Sacks, known as the 'Crypto Tsar', is also deeply entangled in the token issuance controversy. The token economic model of the Solana chain, which he helped design, has faced community resistance due to its excessive bias towards internal interest groups. When the crypto committee deletes and alters historical tweets, using vague terms like 'evaluate' to evade regulatory commitments, the market finally sees clearly: the Trump team's 'builder narrative' is merely a more sophisticated harvesting script.
The Bullet Hits the Bullseye: The Awakening and Backlash of the Crypto Market
Today, six months later, Trump’s crypto insiders are reaping the bitter fruits of their own sowing. The collapse of the $TRUMP market value has triggered a chain reaction, with negative impacts from domestic AI models like DeepSeek, sovereign nations abandoning Bitcoin's fiat conversion, and VC capital withdrawal. The once-promising 'strategic reserve' policy has stagnated due to a lack of congressional support, while the global supply chain restructuring caused by tariffs has further subjected the crypto mining industry to a survival crisis of soaring energy costs.
The market is voting with its feet: decentralized exchanges like Hyperliquid are rising with transparent listing mechanisms, Dutch auctions are replacing CEX black-box operations, and retail funds are rapidly fleeing politically charged tokens. The core logic of this awakening movement stands in absurd contrast to the 'decentralized spirit' touted by Trump when issuing currency—when power attempts to tame code, code will ultimately retaliate with mathematical principles.
Conclusion: Code Does Not Trust Kings
From the White House to the Blockchain, Trump's Crypto Experiment Reveals a Harsh Truth: On the battlefield of mathematics and power, any ambitious individual attempting to crown distributed ledgers will ultimately be validated as an invalid block by hash functions. The bullet fired six months ago has now hit the bullseye—this is not a curse of fatalism but an immune response of the decentralized spirit. When the market learns to ‘on-chain impeach’ politicians using smart contracts, it may truly mark the coming of age of crypto civilization.
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