Andrew Kang, founder of the crypto venture firm Mechanism Capital, has seemingly doubled down on his bet that Bitcoin will gain in price with a $200 million long position, onchain data shows.
“Andrew Kang just doubled his Bitcoin position,” crypto analytics firm Arkham said in an April 12 X post. It explained a crypto address tied to Kang made another $100 million long bet on Bitcoin (BTC) with an expected profit, or loss, of $6.8 million.
On April 9, Arkham noted that the Kang-tied wallet had put on a $100 million leverage-long bet on Bitcoin after US President Donald Trump posted to his Truth Social platform earlier the same day that “THIS IS A GREAT TIME TO BUY!!! DJT.”
Source: Arkham
Just hours later, the Trump administration announced a 90-day pause on its global hiked tariff regime, which sent crypto and stocks rallying. The tariffs, first unveiled on April 2, had gone live just hours earlier and had tanked most financial markets.
Kang said in an April 12 X post that trade war capitulation and a “Trump put” — the belief that the president will work to bump the stock market — “are the perfect combination for BTC to reverse a multi month downtrend.”
Kang noted Trump’s April 9 Truth Social post could be a sign of the so-called “Trump put.” Source: Andrew Kang
Meanwhile, Senate Democrats called on the Securities and Exchange Commission in an April 11 letter to launch an insider trading and market manipulation probe into Trump and his affiliates over the post, which they said “appears to have previewed his plans” to pause the tariffs.
Bitcoin choppy on tariff confusion
Bitcoin has seen an over 2% swing over the past 24 hours as the Trump administration went back and forth on tariff exemptions for Chinese electronic goods.
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Bitcoin hit a 24-hour low of $83,197, wiping most of the gains it made before the weekend, but it has since recovered to trade flat over the past day at around $85,000 after briefly hitting a top of $85,315, CoinGecko data shows.
Trump posted to Truth Social on April 13 that “there was no tariff ‘exception’ announced on Friday,” April 11, but that levies on Chinese electronics are “moving to a different Tariff ‘bucket’” of 20%.
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