Crypto Market Slumps Despite Trump’s Non-Tariff Announcement as Whale Selling Intensifies

The global crypto market continues its downward spiral today despite U.S. President Donald Trump’s latest announcement, which did not involve new tariffs as traders had feared. According to TradingView data, the total crypto market cap has dropped nearly 3%, falling to around $3.6 trillion. Bitcoin (BTC) leads the decline, slipping from an intraday high of $111,000 after a $127 million short position was opened by the so-called “Trump Insider Whale” just before the announcement.

This same whale previously shorted $735 million worth of Bitcoin before Trump’s 100% China tariff announcement last week, fueling speculation of insider moves. Despite the absence of new tariffs, Bitcoin remains under heavy selling pressure, reflecting broader market uncertainty and waning investor confidence.

A recent CryptoQuant report shows miners have deposited 51,000 BTC into exchanges since October 9, signaling a major shift from holding to selling. On October 11 alone, inflows hit 14,000 BTC—the highest level since July—adding to downward momentum. Such large-scale miner and whale sales are amplifying market weakness. On-chain data from Arkham also revealed that the “Trump Insider Whale,” reportedly a Bitcoin OG, transferred $222 million worth of BTC to Coinbase, likely to sell.

Meanwhile, analysts suggest gold may be siphoning demand away from Bitcoin. Market strategist Plur noted that “gold has stolen some of BTC’s thunder,” as investors turn to the precious metal amid economic uncertainty. He believes the crypto market’s current sluggishness stems from concentrated whale ownership and cyclical market behavior. Still, Plur predicts that with gold reaching new highs and Bitcoin historically lagging it by 60–90 days, BTC could soon rebound. While volatility may persist until trade tensions ease, experts maintain that the crypto bull cycle isn’t over—just pausing before the next surge.