Why the Crypto Market is Surging on November 10, 2025: Whale Activity and Trump's Tariff Dividend Signal a New Bullish Phase

The crypto market's surge on November 10, 2025, reflects a confluence of macroeconomic tailwinds and on-chain dynamics, driven by President Donald Trump's controversial tariff dividend proposal and unprecedented whale activity. As the U.S. Supreme Court deliberates the legality of Trump's 10–50% import tariffs, market participants are recalibrating their strategies, with institutional and retail flows aligning to fuel a bullish phase.

Trump's Tariff Dividend: A Catalyst for Market Sentiment

President Trump's promise to distribute a $2,000 "tariff dividend" to most Americans-funded by $195 billion in tariff revenues-has ignited optimism about direct consumer spending and reduced national debt, as reported by People.com. While Treasury Secretary Scott Bessent clarified that the dividend might materialize as tax cuts rather than cash payments, as Coinotag noted, the mere prospect of stimulus has spurred risk-on behavior. According to a Bitget report, Bitcoin surged 1.93% to $103,000 on the day of the announcement, with Ether and Solana also posting double-digit gains.

The policy's legal uncertainty, however, introduces volatility. The Supreme Court's scrutiny of Trump's emergency tariff powers-heard on November 5-has raised concerns about potential refunds exceeding $100 billion if the tariffs are invalidated, as Coinotag reported. This duality-optimism about economic relief versus fear of regulatory upheaval-has created a fertile ground for crypto as a hedge against inflation and fiat devaluation, as Coinotag noted.

Whale Activity: Institutional Confidence in Ethereum and Bitcoin

On-chain data reveals a dramatic shift in whale behavior, particularly in Ethereum (ETH) and Bitcoin (BTC). The "CZ Reverse Trading Whale" reversed its ETH position from a net short to a $109 million long, while the "BTC OG Whale" held a 40,000 ETH long with $6 million in unrealized profits, as Coinotag reported. These moves signal institutional confidence in Ethereum's resilience amid macroeconomic turbulence.

Notably, Zcash (ZEC) surged 1,172% year-to-date, surpassing Stellar (XLM) in market capitalization to rank 14th, as Gate explained. Zcash's adoption of privacy-focused zk-SNARKs technology has attracted investors seeking anonymity amid regulatory scrutiny of transparent blockchains. Daily active addresses for Zcash doubled in the last quarter, underscoring organic growth, as DL News reported.

Retail Inflows and On-Chain Metrics: A Perfect Storm

Retail investor inflows have accelerated, driven by Trump's tariff dividend narrative and whale-driven liquidity. SHIB's net inflow of $1.2 billion on major exchanges like Gate-following a $340 million outflow in October-highlights renewed retail confidence, as Coinotag reported. Meanwhile, Tornado Cash's total value locked (TVL) hit $1.5 billion, nearly doubling since January 2025, as privacy-focused protocols gain traction.

Wallet creation rates and transaction volumes also spiked. For instance, Ethereum's daily active addresses surged by 41% in the week leading up to November 10, while Zcash's shielded transactions increased by 1,172% year-to-date. These metrics suggest a shift from speculative trading to real-world utility adoption.

The Road Ahead: Balancing Optimism and Caution

While Trump's tariff dividend and whale activity have catalyzed a short-term rally, long-term outcomes hinge on the Supreme Court's ruling. If invalidated, the $100+ billion in refunds could destabilize market sentiment, as Coinotag reported. Conversely, a favorable ruling might accelerate crypto adoption as a store of value amid inflationary pressures.

Retail investors should monitor on-chain metrics like exchange deposits and wallet creation rates for early signals of trend reversals. Meanwhile, institutional players are likely to continue hedging their bets through privacy-focused assets like Zcash and leveraged ETH positions.