#Gate广场四月发帖挑战 Trump's tough stance triggers risk aversion sentiment, with Bitcoin and the entire crypto market falling across the board

After Trump hinted that there might be stronger military actions against Iran in the coming weeks, Bitcoin declined on Thursday, and the overall crypto market came under pressure.
Mainstream crypto assets generally declined, with Bitcoin dropping as much as 2.9%, trading around $66,500 in early London hours; small and mid-cap tokens saw more significant declines, with Ethereum falling 4.9% and Solana dropping 5.1%.
Trump's latest remarks dampened market expectations of a short-term easing of the conflict, and investors' risk appetite significantly cooled.
As a result, the MSCI Asia-Pacific Index fell 1.7%, reversing its previous rebound; meanwhile, Brent crude oil prices surged over 5%, breaking through $106 per barrel.
Analyst Caroline Mauron said that stock and commodities markets are still experiencing intense volatility driven by Trump's geopolitical comments. She noted that Bitcoin is currently generally following stock market trends, but its sensitivity to positive or negative news has decreased over the past few weeks.
Previously, Trump signaled the possibility of ending the Iran conflict before resuming shipping through the Strait of Hormuz, which once boosted market sentiment. But his latest remarks have again sparked uncertainty. The Strait of Hormuz, as a critical global energy transportation route, continues to influence market nerves with ongoing developments.
Compared to most assets, Bitcoin performed relatively resilient during this initial phase of the conflict, achieving about a 2% monthly gain in March, ending a five-month consecutive decline. Meanwhile, traditional safe-haven assets like gold plummeted over 11% in March, reflecting market concerns over inflation triggered by energy supply disruptions.
However, Bitcoin demand has remained weak since a significant correction last October, with prices now down about 45% from the peak of over $126,000 at that time. Data shows that as of the end of last month, the "apparent demand"—measuring the difference between new supply and demand—was negative by approximately 63,000 coins, indicating insufficient market demand.
Additionally, confidence among large investors ("whales") remains low, putting further pressure on the market. On-chain data shows that these investors have shifted to net sellers, continuously reducing their Bitcoin holdings over the past year.
Trader Jasper De Maere said that on-chain data confirms the signals conveyed by price trends: the market lacks a clear direction.
Currently, both institutional and retail investors are cautious, waiting for clearer trend signals, regulatory clarity (such as the Clarity Act), or geopolitical risk easing before committing large-scale funds.
In terms of capital flows, the spot Bitcoin ETF listed in the U.S. experienced net outflows on Wednesday, with investors withdrawing about $174 million, further reflecting cautious market sentiment.