A crypto whale linked to orchestrating a sharp strategy during Trump’s tariff crisis reportedly closed most of its Bitcoin short positions after the US President signaled a positive sign on a potential economic deal with China. The move coincided with a crypto market recovery, with most tokens showing a rebound.
According to Arkham Intelligence, the whale closed US$86.6 million worth of short positions, netting a profit of US$2.38 million, but still holding US$140 million in open positions for an additional US$4.3 million in profit. The whale had previously made nearly US$200 million during the previous major market drop due to US-China tariff tensions.
The latest move comes as Trump confirmed plans to meet Chinese President Xi Jinping at the APEC summit on October 31. He expressed confidence in resolving issues with China, although he had previously hinted that the meeting might not take place, leaving traders cautious.
Tariff tensions continue to weigh on global markets. Washington is reportedly considering restrictions on software exports to China after Beijing restricted exports of rare earth minerals, sparking supply chain concerns. Trump is also considering 100% tariffs on select Chinese goods starting November 1 if no deal is reached.
Meanwhile, Trump signed a $1 billion minerals deal with Australia to reduce dependence on China. Bitcoin, which had fallen to $104,000, has recovered and is trading between $109,000 and $110,000 ahead of the Trump-Xi meeting.
