Another bloody session saw $BTC decline by 6.1%. The movement occurred mostly during the Asian hour and remained sideways in US hours. The macroeconomic environment provided no support for crypto, as strong PMI figures and comments from Powell and Waller indicated that rate cuts might not be as imminent as previously anticipated. Consequently, US yields climbed, and all three major equity indexes closed lower.
Poor ETF flow data was reported again for 4/1, indicating an 85.7M outflow. Early indicators for 4/2 ETF Flow also suggest a continuation of this trend, with $ARKB and $GBTC experiencing outflows of 87.5M and 81.9M, respectively.
With the overall sentiment in crypto remaining bearish in the near-term, there were no significant announcements. As noted in yesterday’s research, Ethena ($ENA) started trading yesterday, with Wormhole ($W) expected to be listed today.
The altcoin market saw a significant correction, as evidenced by stablecoins like $USDC, $DAI, and $USDT being included in the top 5 performers. $CORE, $APT, and $GRT were the biggest losers, each experiencing a correction of more than 10%.