CryptoQuant: Tonight's Economic Data Could Fuel a Short-Term Market Rebound

On April 4th, according to a report from CryptoQuant, prior to Trump's speech, investors transferred a greater amount of Bitcoin, ETH, and XRP to exchanges, suggesting an elevated selling pressure. In the hours following Trump's speech, the single-block transaction volume of Bitcoin also witnessed a significant surge. In the U.S., the deposits of Bitcoin on Coinbase also increased, especially from large holders. Similarly, the amount of ETH flowing into exchanges reached its peak at around 80,000 ETH within 1 hour. The amount of XRP transferred to Binance surged to 130 million within 1 hour, while for the majority of the previous day, it was less than 10 million XRP per hour. CryptoQuant pointed out that the increase in exchange inflows reflects investors' willingness to close positions in the face of increased economic uncertainty. Traders are unwinding their long positions to take profits, resulting in a decreased demand for Bitcoin and ETH in the perpetual futures market. However, as the unfavorable factors subside, the new economic data (non-farm and unemployment reports) to be released later on Friday may provide a short-term rebound for the market.