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Whale Sell-off Overwhelms Institutional Buying Pressure, Bitcoin Demand Remains Under Pressure

2 hours ago

On April 2nd, Bloomberg reported that crypto data platform CryptoQuant noted Bitcoin’s overall demand remains under pressure despite renewed ETF inflows and ongoing accumulation in strategies. As of March 30th, data shows Bitcoin’s “apparent demand” — demand relative to new supply — was negative by roughly 63,000 coins, reflecting that selling by large holders is the dominant market driver. The report points out that selling by retail investors and other participants has outpaced incremental institutional buying, and demand has been contracting since late November 2025 — signaling the market remains in a distribution phase. Whales that accumulated around 200,000 Bitcoin during the 2024 bull run began large-scale distribution in mid-2025, with selling accelerating in Q4 2025. Buying by mid-sized investors has also slowed.
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Analyst: Market Hungry for More Progress, Sees Several Weeks of Uncertainty on Iran War

On April 2, IG market analyst Tony Sycamore stated: “Previously, the market’s baseline expectation was that tensions would keep easing—and we’ve seen clear signs of that over the past few days. The trend still holds, but the market’s hungry for more tangible progress. To me, this speech didn’t offer much new insight.” He added: “The Strait of Hormuz remains the biggest wild card in everyone’s playbook. For stocks, it’s a classic ‘buy the rumor, sell the fact’ reaction—while the oil market’s response has been the exact opposite. Right now, uncertainty over the next two to three weeks is hanging over the market.” (Source: FXStreet)

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Fleeting Victory Illusion Shattered in Market, Japanese and South Korean Stocks Plummet

On April 2, stock markets in Japan and South Korea tumbled after Donald Trump failed to outline a clear ceasefire timeline in a national address. The Japanese Nikkei 225 index erased earlier gains, last down 1.1% at 53,151.80 points. South Korea’s KOSPI index dropped 3.00% intraday and was last trading at 5,313.97 points. Trump’s comments dashed market hopes for a swift resolution to the Iran conflict. He stated the U.S. is on the verge of achieving all its military objectives and will launch fierce strikes against Iran in the next two to three weeks. (Source: FX678)

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Iran Launches Missile in Response to Trump Speech

April 2: Moments after Donald Trump concluded his national address, Iran launched another barrage of missiles at Israel. (Kimchi)

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SlowMist: Drift's multi-signature mechanism was modified a week before the theft, followed by an admin key leak

**April 2nd: SlowMist’s Drift Hack Analysis** SlowMist’s breakdown of the Drift protocol hack shows that one week before the attack, Drift updated its multisig setup to a 2/5 threshold (1 existing signer + 4 new signers) and skipped implementing a timelock. The attacker exploited this gap to gain admin access, mint counterfeit CVT tokens, manipulate the oracle, disable security protocols, and siphon high-value assets from the liquidity pool. Stolen funds have since been consolidated into a single Ethereum address, holding roughly 105,969 ETH (valued at ~$226 million). SlowMist noted that tracking efforts for the funds are ongoing.

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ZachXBT Calls Out Circle Again: Accuses It of 'Slow Response' in Drift Hack Incident

On April 2nd, on-chain sleuth ZachXBT accused Circle of failing to act promptly during the Drift attack. He noted that during U.S. trading hours, tens of millions of USDC were transferred from Solana to Ethereum via a cross-chain protocol—with no intervention for hours. He also stated the funds in question had been successfully transferred, adding Circle “once again took no action.” ZachXBT further pointed out Circle had previously mistakenly frozen over 16 business hot wallets, which are currently being gradually unfrozen. He called out Circle and its CEO Jeremy Allaire, saying their actions have negatively impacted the industry.

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A whale holding ETH for 10 years has nearly emptied their position, depositing 3915 ETH and 24,000 AAVE into a CEX.

On April 2nd, AI Whale Watcher reported that a 2016 ETH "ancient whale"—with an average cost as low as $203.22—has sold $10.72 million worth of ETH and AAVE, effectively exiting Ethereum after holding the asset for nearly a decade. After a month of inactivity, the whale resumed activity yesterday, consolidating addresses at a high frequency before depositing 3,915 ETH and 24,000 AAVE into Kraken (likely for sale). Following the deposit, only 52 ETH remains in its on-chain holdings.

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