One, Market Dynamics and Price Fluctuations
1. Major Cryptocurrencies Plummet
BTC fell below $78,000, with a daily decline of 5.6%; ETH dropped below $1,600, with a daily decline of over 9.45%. Analyst Andrew Kang believes ETH may return to the $1,000-$1,500 range.
U.S. stock-related cryptocurrency assets fell in sync, with the iShares Bitcoin Trust down 8.1% and the Ethereum Trust Fund down 16.1%.
2. Whale Operations Trigger Market Chain Reactions
A major whale triggered the liquidation of 67,500 ETH (approximately $10.5 million) due to ETH falling to $1,650, exacerbating market selling pressure.
Another whale transferred 778.5 BTC (worth $64.33 million) to Binance, incurring a loss of $2.53 million; another address deposited 3,500 ETH (approximately $5.22 million) into Binance.
3. On-Chain Data and Support Analysis
Bitcoin stabilized around $74,000, with on-chain data showing that about 50,000 BTC holding costs are concentrated here; the subsequent support level may be around $69,900.
In the past month, 91,900 BTC flowed out of exchanges, indicating confidence among long-term holders.
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Two, Regulatory and Policy Dynamics
1. U.S. Regulatory Trends
U.S. federal agencies must submit cryptocurrency holding reports to the Treasury Secretary by April 7, but the audit results may not be made public.
The SEC approved Galaxy Digital's S-4 registration statement, which plans to move from the Cayman Islands to Delaware, USA, and is expected to be listed on Nasdaq in May.
The SEC will hold a roundtable on cryptocurrency trading regulation on April 11 to discuss a tailored regulatory framework, with representatives from institutions including Coinbase and Uniswap participating.
2. International Tariffs and Market Impact
The United States announced that tariffs will take effect on April 9 as scheduled, with the White House denying rumors of a '90-day tariff suspension' as fake news.
The EU plans to impose tariffs on U.S. goods in two batches starting April 15, as a response to U.S. policies.
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Three, Project and Industry Dynamics
1. New Products and Financing
Teucrium launched the first XRP leveraged ETF (XXRP), with an expense ratio of 1.85%, aimed at providing double daily returns on XRP.
Bitget launched the on-chain trading product Onchain, supporting public chains such as SOL and BSC, achieving seamless connection between CEX and DEX.
Yield-bearing stablecoin protocol Cap completed a $11 million financing round, with Franklin Templeton participating, planning to integrate EigenLayer for re-staking yields.
2. Token Unlocks and Platform Adjustments
Tokens such as CHEEL, APT, and SAGA will see significant unlocks next week, with CHEEL unlocking a value of $161 million and APT unlocking $53.7 million.
Coinbase announced it will delist GUSD and GYEN trading pairs on May 8 due to not meeting listing standards.
Russia's VK closed its NFT platform, requiring users to migrate their assets by April 15, with a net loss of $1.1 billion in 2024.
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Four, Security and Risk Events
1. Malware Attacks and Account Security
Malicious activity PoisonSeed stole wallet mnemonics through phishing emails, affecting users including Coinbase; Microsoft executive Troy Hunt stated its design is highly deceptive.
On-chain analyst ZachXBT claimed Coinbase locked his account twice without reason in a month, questioning the platform's customer data security.
2. Abnormal Trading and Dormant Addresses
A wallet dormant for 8 years transferred 11,104 ETH (approximately $19.97 million), with some transferred to Coinbase.
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Five, Other Important Events
Pakistan appointed Zhao Changpeng as a cryptocurrency strategic advisor to promote the formulation of national cryptocurrency policies.
The probability of a rate cut by the Federal Reserve in May has risen to 57%, with the market focusing on the further impact of next week's CPI data on rate cut expectations.
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Summary: The cryptocurrency market has been impacted over the past two days by macroeconomic factors (tariffs, U.S. stock market crash) and on-chain liquidation pressures, leading to a significant correction in major cryptocurrencies. Regulatory dynamics (SEC meetings, holding reports) and institutional actions (Galaxy listing, XRP ETF) have become market focal points, and frequent security incidents indicate the industry needs to strengthen risk prevention. It is recommended to pay attention to next week's U.S. CPI data and the ongoing impact of token unlocks on the market.