VanEck's October 2025 crypto monthly review notes that on October 10 at 10:41am EST, former President Donald Trump tweeted: "As President, I will impose 100% tariffs on all Chinese goods. America first, China pays."
Within minutes, the macro-market domino effect was apparent: the dollar surged, risky assets sold off, and bitcoin, the most liquid speculative risk asset, plummeted. Leveraged bulls evaporated. In less than 12 hours, crypto futures positions evaporated by about $19 billion, and prices on major exchanges fell below six figures. On some smaller exchanges, chain margin calls caused bitcoin to drop nearly $100,000 at one point.
On October 9, the perpetual contract funding rate was still close to 40% annualized, and social sentiment generally predicted "the next target 150,000 dollars". By the morning of October 11, however, traders could only watch as clearing robots gobbled up billions of dollars in positions.
Bitcoin subsequently stabilized around around $103,000, before recovering slightly to $115,000 at the end of the month and falling about 4-9% overall in October. Ethereum moved similarly, closing at around $3,700 on October 11 and approaching a low at the end of the month, down about 6%.
VanEck: Trump's tariff-related tweet shock ends "rising October"
2025-11-06 07:19:49
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