According to the APP "Golden Shape" report, U.S. President Trump signed a statement on Thursday aimed at adjusting national tariffs for security reasons on the import of steel, aluminum, and copper (Section 232 tariffs). This adjustment is intended to lower tariff rates on derivative metals, simplify declaration procedures, and prevent undervaluation of import values.
The statement says that the U.S. will maintain a 50% tariff on imports of such bulk goods as steel, aluminum, and copper, but now this rate will be applied to the price paid by American consumers. The main changes concern derivative products, where a threshold metal content is introduced for more accurate duty assessment.
Details of the new rules
Under the new rules, if the steel, aluminum, or copper content in a derivative product by weight is less than 15%, the U.S. will cancel the previously applicable 50% tariff, effectively exempting such goods from duties. This measure is intended to exempt products with very low metal content, such as perfume bottles with aluminum caps or dental floss boxes with miniature steel blades.
For derivative products with metal content exceeding 15%, a reduced tariff rate of 25% will be applied, but this rate will be calculated based on the total value of the imported product, not just the metal content. Thus, for products like washing machines or gas stoves, where steel is a main component, the duty will be 25% of the total value.
Meanwhile, bulk goods made of steel, aluminum, and copper will retain a high 50% duty, calculated on the entire sale price. According to officials, these measures could generate additional revenue from tariffs and also simplify customs declaration, eliminating opportunities to evade tariffs by undervaluing metal content.

The structure of long-term BTC holdings is seeing its largest divergence in 10 years: the share of exchange “whales” exceeds 60%. In the first quarter of 2026, the Bitcoin market appears outwardly calm—price continues to stay below 70,000 dollars, and the Fear and Greed Index has been in the “extreme fear” zone for an extended period. However, the data beneath the surface point to profound structural changes. According to an SEC disclosure, Strategy (, formerly MicroStrategy ), increased its holdings by more than 88,000 BTC in the first quarter, and its total portfolio already stands at about 762,000 coins; the average acquisition price is approximately 75,696 dollars. At the same time, the “whale” coefficient on exchanges rose to above 60%, setting a decade-high, while retail investor participation fell to the lowest level over the same period.
On-chain data provide a clearer picture. The share of short-term holders—especially the group with a holding period of one week to one month—has fallen to 3.98%. Looking back at previous cycles, when this metric dropped below 4%, the market was typically near the bottom or directly in the bottom zone. Long-term holders control a larger portion of the supply, intraday trading is declining, and speculative demand is weakening—suggesting the market is shifting from high-frequency “trading games” to structural accumulation.
The essence of this divergence is a systematic transfer of биткоин liquidity from retail to institutions. биткоин does not disappear—it undergoes a structural change of ownership: the rise in the exchange “whale” ratio indicates that the original large crypto holders are selling; at the same time, publicly traded companies led by Strategy increased their net position by approximately 62,000 BTC during the same period. While individual investors are exiting the asset, institutions continue to buy at a steady pace—the ownership structure of биткоин is being rewritten.