President Donald Trump’s announcement of trade tariffs on April 2nd caused significant tremors in the cryptocurrency market, triggering a wave of investor reactions that quickly manifested as a sell-off. CryptoQuant’s weekly report highlights these initial reactions, showcasing a sharp drop in crypto prices before and during the press conference, leading to persistent bearish conditions. In anticipation of the tariff announcement, investors rapidly transferred their Bitcoin, Ethereum, and XRP holdings to cryptocurrency exchanges. Coinbase, the largest American crypto exchange, witnessed an unprecedented surge in Bitcoin deposits, particularly from large holders, as they sought to liquidate assets.