Multiple Negative Factors Combined

1. The 'Aftershock' of Trump's Tariff Policy

Since the Trump administration restarted the tariff policy in January 2025, Bitcoin has fallen 31% from its historical high of $109,000. After the 'reciprocal tariff' took effect on April 2, the market fears a $2.3 trillion contraction in global trade volume and an 18% increase in mining costs, further depressing coin prices.

2. Macroeconomic and Regulatory Pressure

The Central Bank of Russia recently proposed to limit the use of cryptocurrencies in domestic settlements, allowing only qualified investors to participate, while ordinary investors may only access them indirectly through derivatives. Meanwhile, the U.S. Treasury has frozen $1.2 billion in on-chain assets suspected of evading tariffs, highlighting the narrowing space for regulatory arbitrage.

3. Signals of Institutional Capital Withdrawal

February's futures open interest decreased by 37%, indicating that leveraged funds are accelerating their exit from the market. Although there was a net inflow of $4.7 billion into stablecoins in March, the sentiment among funds remains cautious, waiting for clear policies.