Andrew Kang, the founder of the crypto investment firm Mechanism Capital, appears to have reinforced his conviction that Bitcoin’s price will rise, as onchain data indicates he has taken a $200 million long position.
“Andrew Kang just expanded his Bitcoin position,” an analytics firm noted in an April 12 post on X. They explained that a crypto wallet associated with Kang executed an additional $100 million long bet on Bitcoin (BTC), projecting a potential profit or loss of $6.8 million.
On April 9, the same firm highlighted that the wallet connected to Kang had initiated a $100 million leveraged long position on Bitcoin shortly after US President Donald Trump shared a post on his Truth Social platform earlier that day stating, “THIS IS A GREAT TIME TO BUY!!! DJT.”
Image credits to source.
Just a few hours later, the Trump administration announced a temporary 90-day halt on its global tariff hike regime, which led to a rally in both crypto and stock markets. These tariffs, initially revealed on April 2, had only taken effect hours prior, causing significant downturns across financial markets.
Kang expressed in an April 12 post that the combination of trade war capitulation and a “Trump put”—the notion that the president will support the stock market—is an ideal scenario for Bitcoin to rebound from a multi-month downtrend.
Kang suggested that Trump’s April 9 post could be indicative of the so-called “Trump put.” Image credits to source.
Simultaneously, Senate Democrats urged the Securities and Exchange Commission in an April 11 letter to investigate insider trading and market manipulation concerning Trump and his associates over the post, claiming it “seems to have previewed his plans” to suspend the tariffs.
Bitcoin Volatility Amid Tariff Uncertainty
Bitcoin has experienced more than a 2% fluctuation in the past 24 hours due to the Trump administration’s back-and-forth regarding tariff exemptions for Chinese electronic goods.
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Bitcoin reached a 24-hour low of $83,197, erasing many of the gains made before the weekend. However, it has since bounced back to trade relatively flat over the past day at approximately $85,000, after reaching a brief high of $85,315, according to data from CoinGecko.
Trump stated on Truth Social on April 13 that “there was no tariff ‘exception’ announced on Friday,” April 11, but confirmed that the levies on Chinese electronics are moving to a different tariff category of 20%.
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