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

BlockBeats News, April 4th, according to a report by CryptoQuant, before Trump's speech, investors transferred more Bitcoin, ETH, and XRP to exchanges, indicating an increased selling pressure. In the hours following Trump's speech, Bitcoin's single-block transaction volume also surged. In the U.S., Bitcoin deposits on Coinbase also increased, especially from large holders.

Likewise, the amount of ETH flowing into exchanges peaked at around 80,000 ETH within 1 hour. The amount of XRP transferred to Binance surged to 130 million within 1 hour, while for most of the previous day, it was less than 10 million XRP per hour.

CryptoQuant stated that the increase in exchange inflows reflects investors' willingness to close positions amid increased economic uncertainty, with traders unwinding long positions to take profits, leading to decreased demand for Bitcoin and ETH in the perpetual futures market. However, as the unfavorable factors subside, new economic data (non-farm and unemployment reports) to be released later on Friday may provide a short-term rebound for the market.