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First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.
Good morning — Jordan here.
Happy Tuesday to the 20,340 Minimalist members reading today. 👋
Today we’re covering:
Only 3% of holders sold Bitcoin since ATH
Trump tariffs linked to BTC drop
Bukele to meet Trump
And everything else you need to know.
Estimated read time: 3 minutes and 13 seconds
WHAT WE’RE WATCHING
🏦 U.S. agencies will disclose federal Bitcoin holdings on April 5 per Trump’s executive order. The audit aims to establish a Strategic Bitcoin Reserve, but its impact on markets is speculative. While seen as a major policy shift, the full effects depend on the yet-unknown contents of the government’s portfolio.
📊 Only 3% of midterm Bitcoin holders sold since BTC’s $110K peak, says Glassnode. Most who bought between 2020–2022, even at a $3,600 cost basis, are still holding. Short-term holders own 40% of wealth—far below past cycle tops—indicating a more cautious, less speculative market.
📉 Bitcoin dropped from $88.5K to $83.6K following Trump’s reciprocal tariff announcement. While the timing suggests a link, it’s only a claimed reason—markets were already anticipating the policy shift. Most crypto assets followed suit, erasing earlier gains amid broader volatility in equities and risk markets.
🧢 Eric Trump says his family turned to crypto after becoming “the most canceled company on Earth.” He recently co-founded American Bitcoin. His claims tie their crypto push to political backlash—but that’s his framing, not a confirmed cause.
🔥 Senator Ted Cruz introduces the FLARE Act to incentivize Bitcoin mining with flared natural gas. The bill offers tax breaks for companies repurposing waste gas into electricity or computing power, aiming to cut emissions, boost U.S. energy infrastructure, and prevent foreign adversaries from participation.
🇺🇸 Trump has invited El Salvador’s President Nayib Bukele to the White House for April 14, sparking Bitcoin speculation. While the meeting focuses on immigration and security, Bukele’s BTC leadership and Trump’s recent Bitcoin-friendly stance have the Bitcoin community watching closely.
IN THE LOOP
Fidelity says Bitcoin may still be in an “acceleration phase”.
Arthur Hayes predicts Bitcoin could hit $250,000 by year-end if the Fed shifts to QE.
Metaplanet bought another $13 million in Bitcoin, bringing its total holdings to 4,206 BTC and aiming for 10,000 by year-end.
Bitcoin processed over $5.5 trillion in transactions in Q1 2025.
Michael Saylor says, "The only thing better than Bitcoin is... More ₿."
Lawmakers in Alabama and Minnesota introduced bills to let their states invest in Bitcoin.
The most clicked link in our last newsletter was an announcement that the U.S. will disclose its 198,012 Bitcoin holdings on April 5 and may launch ₿ Bonds to fund $200B in BTC purchases without using taxpayer money.
MACRO & INDUSTRY
Democrats are demanding SEC records on Trump-linked World Liberty Financial over concerns about conflicts of interest and its USD stablecoin.
Grayscale launched two new Bitcoin ETFs using options strategies to generate income from BTC volatility.
Trump’s pro-Bitcoin pick Paul Atkins advanced by Senate panel to lead the SEC.
POLL
📊 Where will Bitcoin end April? |
TUESDAY’S POLL RESULTS
Has Bitcoin's price performed how you expected so far in 2025?
🟥⬜️⬜️⬜️⬜️ 🔼 Better than expected (5%)
🟨🟨⬜️⬜️⬜️ 😐 Around what I expected (19%)
🟩🟩🟩🟩⬜️ 🔻 Worse than I expected (76%)
🔻 Worse than I expected: “I thought it would have stayed over 100 thousand.” — Noah
🔻 Worse than I expected: “Since passing $100,000 Bitcoin has reversed back to $80,000 and shows little signs of progressing.” — Luke
CHARTS & DATA
Bitcoin Fear & Greed - Bitcoin Fear and Greed has dropped to 25. It had settled around 45 before the recent drop.
Death Cross - Bitcoin is close to creating a death cross. This happens when the 50-day moving average crosses below the 200-day moving average.
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FROM THE ARCHIVE
World's first ever Bitcoin ATM unveiled in San Diego
On May 2, 2013, the world’s first Bitcoin ATM was opened in San Diego.
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