On April 4th, according to a report from CryptoQuant, investors transferred more Bitcoin, ETH, and XRP to trading platforms before Trump's speech, indicating an increased willingness to sell. Within hours of Trump's speech, the volume of Bitcoin single block transactions also surged. In the United States, Coinbase's Bitcoin deposits have also increased, especially from large holders.
Similarly, the amount of ETH flowing into the trading platform reached a peak of approximately 80000 ETH within one hour. The amount of XRP transferred to Binance jumped to 130 million within an hour, compared to less than 10 million XRP per hour for most of the previous day.
CryptoQuant stated that the increase in trading platform inflows reflects investors' willingness to close positions in the face of increased economic uncertainty. As traders liquidate long positions to profit, demand for Bitcoin and ETH in the perpetual futures market decreases. But as the unfavorable factors recede, the new economic data (non farm payroll and unemployment reports) to be released later on Friday may provide momentum for a short-term rebound in the market.
