Bitcoin hit a low of $74,500 on April 7, 2025. This floor coincides with the escalation of the U.S. trade war: Trump announced 145% tariffs on Chinese imports. The direct macro impact The tariff announcement on April 2 triggered the S&P 500's largest weekly decline since March 2020 (-9%). Bitcoin retreated from $88,000 to $74,500 (-15%). The on-chain structure remains solid Despite the correction, Glassnode records net outflows from exchanges — investors withdrawing rather than selling. LTH Supply edges back up to 66%. What this data does not tell us $74,500 represents a significant technical support zone. Its strength will depend on trade negotiation outcomes.