1. Market Observation

Keywords: ACT, ETH, BTC

ACT experienced a flash crash on the Binance platform yesterday, with its price nearly halving. Wintermute, as the market maker for ACT, withdrew multiple ACT tokens from Binance after the crash and sold them on-chain. Market volatility is not an isolated case, as several tokens including DF, LEVER, MUSK, and GUN saw declines of 20%-50%.

Bitcoin has been fluctuating for several days now. Fidelity Digital Assets analyst Zack Wainwright pointed out that while Bitcoin is still in an acceleration phase, the cycle is nearing its end. He predicts that if this cycle is to reach a new high, it may start from a benchmark price around $110,000. Arthur Hayes, co-founder of BitMEX, holds a more optimistic view, believing that if the Federal Reserve shifts from quantitative tightening to quantitative easing of government bonds, Bitcoin could rebound from the $76,500 low it reached last month, first rising to $110,000 and then gradually climbing to a target price of $250,000 by the end of the year.

Institutional investment attitudes are also showing divergence. Despite the many uncertainties in the market, institutions like Strategy, Metaplanet, and MARA continue to increase their Bitcoin holdings, while GameStop plans to issue $1.5 billion in convertible bonds to purchase Bitcoin. However, BlackRock CEO Larry Fink has expressed caution regarding Bitcoin, warning that it could undermine the international status of the dollar, while also acknowledging the advantages brought by tokenization. In terms of regulation, the three major EU regulatory agencies, including ESMA, recently released a joint report indicating that the increasingly friendly crypto policies in the U.S. are deepening the correlation between crypto assets and traditional financial markets, which may increase systemic risk.

On the macroeconomic front, Trump is set to announce a new global trade tariff policy at 4 AM on April 3, expected to impose a comprehensive 20% tariff on all trading partners. Major financial institutions have varied responses to this policy; the former chief economist at Bank of America believes this could just be the beginning of a trade war, while the research director at Pepperstone warns that tariffs could exacerbate the risk of stagflation in the U.S. Wells Fargo economists have noted that tariff expectations have already pushed up the manufacturing price index, and ongoing uncertainty is suppressing market demand. These macroeconomic changes are expected to continue influencing the cryptocurrency market trends, and market participants need to closely monitor policy developments and their ripple effects.

2. Key Data (as of April 2, 13:30 HKT)

(Data Source: Coinglass, Upbit, Coingecko, SoSoValue, Tomars)

• Bitcoin: $84,119.27 (Year-to-date -10.17%), Daily Spot Trading Volume $25.592 billion

• Ethereum: $1,857.62 (Year-to-date -44.17%), Daily Spot Trading Volume $16.19 billion

• Fear and Greed Index: 44 (Neutral)

• Average GAS: BTC 1 sat/vB, ETH 0.43 Gwei

• Market Share: BTC 61.8%, ETH 8.3%

• Upbit 24-hour Trading Volume Ranking: XRP, COMP, BTC, MASK, MEW

• 24-hour BTC Long/Short Ratio: 0.9223

• Sector Performance: The crypto market saw a general decline, with the AI Meme sector down 7.2% and the SocialFi sector down 4.5%

• 24-hour Liquidation Data: A total of 121,531 people were liquidated globally, with a total liquidation amount of $292 million, including $76.42 million in BTC and $51.79 million in ETH

• BTC Medium to Long-term Trend Channel: Upper Line ($85,497.74), Lower Line ($83,804.72)

• ETH Medium to Long-term Trend Channel: Upper Line ($1,951.99), Lower Line ($1,913.34)

*Note: When the price is above the upper and lower lines, it indicates a medium to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or fluctuates through the cost range in the short term, it indicates a bottoming or topping state.

3. ETF Flows (as of April 1 EST)

• Bitcoin ETF: -$157 million

• Ethereum ETF: -$3.58 million

4. Today's Outlook

• The U.S. House Financial Services Committee is expected to review the stablecoin legislation draft today

• Ethena (ENA) will unlock 95.31 million tokens, valued at approximately $33.5 million

• Jupiter (JUP) will unlock 53.47 million tokens, valued at approximately $25.4 million

• Trump will announce the equivalent tariffs and industry-specific tariffs at 4 AM on April 3

U.S. Initial Jobless Claims for the week ending March 29 (in thousands) (April 3, 20:30)

• Actual: Not released / Previous: 22.4 / Expected: 22.5

Top Gainers Among the Top 500 by Market Cap Today: Alchemist AI (ALCH) up 23.74%, WhiteRock (WHITE) up 23.72%, Cat in a Dog's World (MEW) up 15.28%, EOS (EOS) up 11.87%, 0x0.ai (0x0) up 10.79%.

5. Hot News

• GameStop Raises $1.5 Billion in Convertible Bonds to Purchase Bitcoin

• Tether Reveals Bitcoin Address, Holding Over 90,000 BTC Worth $7.7 Billion

• Metaplanet Acquires 696 BTC, Total Holdings Increase to 4,046 BTC

• A Whale That Accumulated ETH in the Last Bull Market Allegedly Sells 2,000 ETH, Expected Profit of $3.273 Million

• EOS Breaks $0.8, 24-Hour Increase Exceeds 31%

• Five New Wallets Withdraw a Total of 2.66 Million PENDLE from Binance in the Last Five Days, Approximately $7.9 Million

• Metaplanet Announces Increase of 160 BTC, Total Holdings Reach 4,206 BTC

• JPMorgan: 14 Listed Bitcoin Mining Companies Saw a 25% Drop in Market Value in March, the Worst Month on Record

• Grayscale Executive: The Impact of Tariffs on Cryptocurrency May Have Already Been "Priced In," Likely the Worst Is Over

• Binance Alpha Adds PUMP

• Ethereum Weekly Blob Fees Hit New Low Since 2025

• USDC Issuer Circle Submits IPO Prospectus to the SEC

• Market News: VANECK BNB ETF Registered in Delaware

• Binance Releases Preliminary Report on ACT Crash, Four Users Sold $1.05 Million in Spot ACT Tokens Leading to the Drop

• U.S. Think Tank Proposes Issuing "BitBonds" to Support Trump's Bitcoin Reserve Plan

• PumpBTC Releases PUMP Token Model, 9% Allocated for Initial Claims

• Binance Alpha Launches GRASS, ATH, MEW, and BIGTIME

• Binance Announces KernelDAO (KERNEL) as the Fourth Megadrop Project

• Backpack Completes Acquisition of FTX EU, Initiates User Fund Return Process Today

• Upbit Adds COMP to the KRW Market

• Arthur Hayes: Believes Bitcoin Can Reach $250,000 by Year-End Even If U.S. Stock Market Continues to Decline Due to Tariffs and Other Factors

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