CryptoQuant: Economic uncertainty intensifies, leading to a decline in demand for BTC and ETH, with the market focusing on non-agricultural data
According to CryptoQuant data, before Trump's speech, there was a significant influx of Bitcoin, Ethereum and XRP funds into exchanges, indicating that investors intended to cash out. The single block transaction volume of Bitcoin once reached 2500 BTC, the inflow of Ethereum into exchanges reached 80,000 ETH per hour, and the inflow of XRP into CEX reached 130 million within an hour, far exceeding the previous day's level of less than 10 million per hour. In addition, American CEX also observed an increase in Bitcoin deposits, especially from large holders.
CryptoQuant pointed out that economic uncertainty has led investors to close long positions and take profits. As a result demand for Bitcoin and Ethereum in the perpetual futures market has declined. The market is currently focusing on the US non-farm employment report due to be released on Friday. This report will provide insights into job growth trends unemployment trends and wage changes which could support a short-term rebound in the market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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