BTC: Stockpiles and tariffs

When President Trump signed the EO for a Strategic Bitcoin Reserve last month, he ordered a report from U.S. agencies on how much BTC they hold and where it is.

• The report was due in 30 days, which is April 5. And that's a Saturday, so it would be due Monday.

Why it matters: If a lot of bitcoins get locked up by the U.S. government, that could cause a move up for the asset.

• Yes, but: That bounce would likely be short-lived.
• Notably, a spokesperson for the White House tells us the reports don't have to be made public.

The big picture: In case you missed it, the president announced a massive tariff plan last night, which has kicked off a global trade war.

• Assets around the world were jolted, and bitcoin hasn't been immune: BTC is down over 5% over the last 24 hours, hovering around $82,000.
• That's way, way off from the $108,786 it hit Jan. 20. The shine has come off the crypto president.

What they're saying: Wintermute's OTC desk told us last night that the market "responded cautiously" to the announcement, and other sources said you just have to wait and see. "There's still considerable uncertainty ahead," Wintermute noted.

• "Gold prices rallied to all-time highs, while bitcoin and crypto assets were sold — once again proving that BTC is far from being viewed as a safe haven asset," Ravi Doshi of FalconX tells Axios via a spokesperson.

• Doshi added that their OTC desk is seeing a lot of traders looking for downside protection.

The intrigue: Speaking of hedging, the two most popular futures positions on Deribit now are absolutely neck and neck but pointed in opposite directions.

• The most popular position, with 10,356 orders, is an $80,000 put on BTC, which is a bet that the asset goes lower.
• But there are also 10,311 calls at $100,000, which is a bet that it goes higher. (The notional value of both bets is pretty much even, too.)