US President Eyes Comprehensive Deal with China as Key Bitcoin Trader Adjusts Positions

The US President has expressed optimism about reaching a broad economic agreement with China, coinciding with significant movements in the cryptocurrency market. A notable Bitcoin trader, often referred to as a 'Trump insider,' has begun closing substantial short positions, aligning with the President's positive outlook.

Major Bitcoin Short Positions Closed

As reported by Arkham Intelligence, this influential trader has reduced exposure by closing $86.6 million in Bitcoin shorts, achieving a $2.38 million profit. Despite this move, the trader retains $140 million in open positions, currently yielding a $4.3 million gain.

Previously, this entity capitalized on market volatility linked to trade tensions, earning nearly $200 million. The current adjustments occur as the US President hints at progress in US-China relations, suggesting a potential market shift.

US-China Trade Tensions and Policy Developments

Amid ongoing trade conflicts, new reports indicate that Washington might impose further software export restrictions to China. This follows China's decision to limit rare earth exports, raising supply chain concerns. In response, the US President has suggested imposing 100% tariffs on certain Chinese goods if an agreement is not reached by November 1.

Additionally, a recent $1 billion minerals deal between the US and Australia aims to reduce dependency on China, reflecting a broader strategy to diversify critical supply lines. Despite these tensions, the US President remains optimistic, stating, "I have a good relationship with President Xi, and I expect to make a good deal with him." Key negotiation points include rare earths, fentanyl control, and agricultural exports.

The Bitcoin market, which briefly dipped to $104,000 amid tariff threats, has since stabilized. As anticipation builds for the upcoming Trump-Xi meeting, Bitcoin is trading between $109,000 and $110,000.