Trump Promises Deal with China as Whales Close Bitcoin Shorts

Market sentiment in crypto is shifting. A well-known “Trump insider whale”, famous for profiting hundreds of millions from perfectly timed short positions, has now begun closing out bets against Bitcoin — just as the U.S. president signals optimism about reaching a major deal with China.

At the same time, the crypto market is showing signs of recovery, with most major tokens trading in the green.

“Trump Insider” Closes Multi-Million Bitcoin Shorts According to Arkham Intelligence, a prominent trader — known for accurately predicting market downturns during previous Trump tariff shocks — has started reducing exposure to Bitcoin short positions. The whale recently closed $86.6 million worth of shorts, locking in a profit of $2.38 million.

They still hold $140 million in open short positions, currently showing an unrealized gain of about $4.3 million. This trader previously made nearly $200 million during the last major correction tied to Trump’s trade tensions with China.

The timing of this move aligns with the U.S. president’s recent comments suggesting a potential breakthrough in relations with Beijing.

Trump and Chinese President Xi Set to Meet The U.S. president confirmed that he will meet Chinese President Xi on October 31 during the upcoming APEC summit. “I’ll be meeting with President Xi,” Trump said. “We can work through many of our issues and strengthen our advantages. I’m looking forward to it.” However, Trump’s unpredictable tone keeps traders cautious. Just days earlier, he hinted that the meeting might not happen, though he reiterated his desire to reach what he called a “very good deal with China.”

Tariffs, Export Controls, and Strategic Shifts This development comes amid an ongoing trade war that continues to cast a shadow over both global and crypto markets.

According to Reuters, Washington is reportedly considering new restrictions on software exports to China, while Beijing has moved to limit exports of rare earth materials, raising fears of supply chain disruptions. In response, Trump warned that 100% tariffs on selected Chinese goods could take effect on November 1 if no agreement is reached.

He also met with Australia’s prime minister to sign a $1 billion critical minerals deal, signaling Washington’s broader strategy to reduce dependence on China and diversify access to key resources.

Key Issues: Rare Earths, Fentanyl, and Agriculture Despite the tensions, Trump remains confident: “I have a good relationship with President Xi and expect to reach a strong deal,” he said. Among the key discussion points are rare earth minerals, fentanyl control, and agricultural exports — particularly soybeans, a major U.S. export to China.

Bitcoin Rebounds After Tariff-Driven Drop Amid the tariff tensions, Bitcoin briefly fell to $104,000, but optimism surrounding the potential U.S.–China talks has since helped stabilize sentiment. As of now, BTC is trading between $109,000 and $110,000, reflecting a modest recovery.

If the upcoming meeting between Trump and Xi delivers tangible progress, the crypto market could see a broader rebound, supported by easing geopolitical tensions and renewed investor confidence.

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