On the rather memorable day of April 2, President Donald Trump’s proclamation regarding trade tariffs stirred a tempest in the cryptocurrency teapot, much to the delight or despair of investors, as the case may be. Ah, the sweet scent of market turbulence—one could almost bottle it, non? 😏
As if frolicking under a dark cloud, the crypto market promptly engaged in a spontaneous sell-off, preempting and accompanying the grand press conference. According to the diligent scribe at CryptoQuant—our trusty oracle in the realm of on-chain analytics—the bearish winds have made themselves comfortably at home since that fateful announcement.
The Roller Coaster of Crypto Investors
With the clock ticking menacingly toward the press conference, a frantic ballet ensued as investors hurriedly sought to transition their precious Bitcoin to exchanges. One can only imagine the frantic energy—a bottleneck of sorts as a single Bitcoin block noted a staggering 2,500 BTC! Next to it, Coinbase reveled in unprecedented glory, welcoming a plethora of BTC deposits from those mighty holders who seemed to have suddenly turned into hamsters on a wheel. 🐹
This ruckus wasn’t reserved solely for BTC, mind you; both ETH and XRP found themselves being hustled off to trading platforms like party favors after an uninhibited soirée. Deposits of ETH peaked dramatically to around 80,000, while XRP decided to be the life of the party, boasting a spike to a jaw-dropping 130 million tokens—clearly showing off compared to the measly 10 million the day before!
“An exodus due to rising economic uncertainty,” quipped CryptoQuant, as they fairly dripped with wisdom, painting a picture of investors battling their own jitters.
During the press conference, irony found a cozy spot as Bitcoin, Ethereum, and XRP plummeted 6.2%, 7%, and 5% respectively, deftly erasing the day’s earlier gains. A classic case of ‘sell high, cry low,’ as investors watched their holdings evaporate like vaporous dreams on a rainy morning.
The Dwindling Demand for BTC
As the conference unfolded like a dramatic stage play, demand for BTC and ETH in the perpetual futures market dipped lower than the morale at a bad comedy show. The open interest for BTC shrank dramatically from 334,000 to 304,000, while ETH’s open interest suffered a fair share of the angst—plummeting by 100,000 ETH faster than you can say “bear market.”
Post-conference, it became manifestly clearer that U.S. investors had lost their appetite for BTC. Evidence? The Coinbase Bitcoin Premium unceremoniously dipped from 0.04% to 0.03%. The enthusiasm was gone, and leave it to CryptoQuant to chime in with a classic observation: “For Bitcoin to rise like a phoenix, it needs a revival in demand.” 🔥
“Ah, Bitcoin, my dear, you find yourself in the bear’s embrace,” noted the ever-watchful Bull Score Index, showing a stagnant score of 20, its lowest since January 2023—it seems our dear BTC has been wearing a bear costume for quite some time now.
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2025-04-06 14:52