CryptoQuant: Tonight's economic data may provide momentum for a short-term rebound in the market
ChainCatcher message, according to a report by CryptoQuant, shows that before Trump's speech, investors transferred more Bitcoin, ETH, and XRP to trading platforms, indicating an increased willingness to sell. In the hours following Trump's speech, the single-block transaction volume of Bitcoin also surged. In the U.S., Bitcoin deposits on Coinbase have also increased, especially from large holders.Similarly, the inflow of ETH to trading platforms peaked at around 80,000 ETH within 1 hour. The amount of XRP transferred to Binance jumped to 130 million within 1 hour, while for most of the previous day, it was less than 10 million XRP per hour.CryptoQuant stated that the increase in inflows to trading platforms reflects investors' willingness to close positions amid rising economic uncertainty. As traders liquidate long positions to take profits, the demand for Bitcoin and ETH in the perpetual futures market has decreased. However, as adverse factors fade, new economic data to be released later on Friday (non-farm and unemployment reports) may provide momentum for a short-term market rebound.