VanEck: Trump's tariff-related tweets hit the end of "pump October"

[VanEck: Trump's tariff-related tweet ends “Pump October”] VanEck released the October 2025 cryptocurrency monthly review report, which pointed out that on October 10 at 10:41 AM Eastern Time, former President Trump tweeted: “As President, I will impose a 100% tariff on all Chinese goods. America First, China pays.” Within a few minutes, the macro market domino effect became evident: the dollar soared, risk assets were sold off, and Bitcoin, as the most liquid speculative risk asset, plummeted. Leverage long positions were evaporated. In less than 12 hours, about $19 billion in encryption futures positions were wiped out, with prices on major exchanges falling below six figures. At some smaller exchanges, chain margin calls caused Bitcoin to drop nearly $100,000 at one point. On October 9, the perpetual contract financing rate was still close to an annualized 40%, and social sentiment generally predicted “the next target is $150,000.” However, by the morning of the 11th, traders could only watch helplessly as liquidation robots devoured billions of dollars in positions. Bitcoin then stabilized around $103,000, with a slight recovery to $115,000 by the end of the month, overall down about 4-9% in October. Ethereum's trend was similar, closing at around $3,700 on October 11, and nearing its low by the end of the month, down about 6%.