Tariff Policy Shockwave: Companies' encryption holdings shrink by $4 billion in five days, risk assets under pressure.

After U.S. President Trump announced reciprocal tariff measures against major trading partners on April 2, corporate encryption asset holdings faced significant valuation shocks. According to monitoring data from BitcoinTreasuries, the market capitalization of Bitcoin assets held publicly by global enterprises evaporated by a total of $4.23 billion between April 2 and April 7, with the overall holdings shrinking from $59 billion to $54.77 billion, setting a record for the largest single-day fall this year.

The risk transmission effect between traditional finance and the digital asset market is becoming evident. Data from Yahoo Finance terminals shows that listed funds linked to Bitcoin have collectively adjusted: the Bitcoin Strategy ETF (OWNB) under Bitwise Asset Management has plummeted by 13.8% within 5 trading days, while the Strategy share trading fund recorded a decline of 14.2% during the same period. This cross-market correlation indicates that the macro uncertainty triggered by tariff policies is reshaping investors' risk preference structure.

It is worth noting that the changes in corporate Holdings show a clear differentiation characteristic by industry. The Holdings of technology companies have shrunk to an average of 1.8 times, while the adjustment of traditional financial companies is relatively limited. Analysts point out that this difference stems from the structural differences in sensitivity to tariff policies across different industries, with the technology sector being more directly affected by the escalation of trade wars due to its higher dependence on global supply chains.

On-chain data further confirms the shift in market sentiment. The number of active addresses on the Bitcoin chain has decreased by 31% compared to before the policy announcement, and the number of large transfers ( >100 BTC) has sharply dropped by 42%, indicating that institutional investors are reassessing their holdings strategy. The cryptocurrency derivatives market has also seen a rise in risk-averse sentiment, with the Chicago Mercantile Exchange's Bitcoin futures open interest declining by 19% that week, and the put/call ratio in the options market rising to 1.72, the highest level since November of last year.

Market observers warn that if the tariff dispute continues to escalate, the encryption market may face a "double blow": on one hand, the risk spillover from traditional markets intensifies, while on the other hand, the regulatory uncertainty within the encryption industry remains unresolved. This compound pressure tests the hedging attributes of digital assets and poses new questions for global asset allocation.