The announcement of 100% tariffs on Chinese goods by US President Donald Trump on October 10 led to significant volatility in the Bitcoin market. A major short position in Bitcoin reportedly yielded $200 million in profits prior to the tariff announcement. The market experienced widespread turbulence, affecting both Bitcoin and altcoins, with over $234 million entering new short positions and numerous liquidations occurring. Additionally, there were notable adjustments in derivative positions and a rise in institutional interest.