Analysis: Short-term investors were shaken by Trump's tariff remarks

An analysis suggests that the recent selling pressure on Bitcoin, triggered by U.S. President Donald Trump's tariff remarks, was primarily driven by short-term investors reacting to uncertainty. In a contribution to CryptoQuant, analyst firm XWIN Research Japan noted that while Trump's tariff comments have directly impacted Bitcoin's price on several occasions, this time they acted as a catalyst in an already unstable market rather than being the fundamental cause of the decline. The firm pointed to the Short-Term Holder Realized Profit/Loss Ratio (SOPR) as a key indicator, which shows whether these investors are selling at a profit or a loss. For instance, when a 60% tariff on Chinese goods was announced last April, fear spread on social media, and the SOPR fell below one, indicating that short-term holders were selling at a loss. More recently, after the Supreme Court blocked a tariff policy, a new 15% flat tariff was immediately introduced. Following this, the SOPR again dropped below one, signaling a sell-off. The analysis concluded that the selling pressure came structurally from short-term holders sensitive to uncertainty, not from long-term holders conducting systematic sales.