Daily News | Crypto Market Hit Worst Quarterly Performance In 3 Years, ACT Token Suddenly Crashed And Dropped By More Than 60%
Crypto Daily Digest: Crypto market hit worst quarterly performance in nearly 3 years, funding rate remained bearish
According to Farside Investors data, the US Bitcoin spot ETF had a total net outflow of $157 million yesterday, of which FBTC had a net outflow of $85.4 million and ARKB had a net outflow of $87.4 million. BlackRock data has not been updated yet.
Yesterday, the Ethereum spot ETF saw an outflow of $36 million, of which ETHW had a net outflow of $26 million. BlackRock data has not been updated yet.
Funding rates of major exchanges show that the market is still bearish
On April 2, according to Coinglass data, the current mainstream CEX and DEX funding rates show that the crypto market is still in a bearish trend. Funding rates are rates set by crypto trading platforms to maintain a balance between contract prices and underlying asset prices. They are used to adjust the cost or benefit of traders holding contracts to keep contract prices close to the underlying asset prices.
Opinion: Bitcoin ETF capital inflows are difficult to pick up
Matrixport released a chart today saying that Bitcoin ETFs have seen net outflows for the second consecutive month. Although inflows remain positive year-to-date ($1.05 billion), this figure is mainly due to a surge of $5.3 billion in January. Fund flows show that Bitcoin ETFs are still highly dependent on favorable financing rates and arbitrage opportunities rather than broad investor interest. Given that retail speculative sentiment in the crypto market remains low, it is difficult for Bitcoin ETF fund inflows to rebound substantially in the short term.
Crypto Fear and Greed Index rose to 44
According to Alternative.me data, the crypto fear and greed index rose to 44 today (the index was 34 yesterday), and the market is still in a “panic state.”
Crypto market experienced its worst quarterly performance in nearly three years
QCP recently released a market analysis saying that Bitcoin, Ethereum and the S&P 500 index have just recorded their worst quarterly performance in three years, and the market value of the crypto market has evaporated by more than $160 billion since Friday. Friday’s pullback was due to the expiration of options at the end of the quarter, traders actively selling, and perpetual futures funding rates turning negative. At the same time, core inflation data was higher than expected, and consumer spending remained sluggish.
Market Trends: Bitcoin and US stocks rose simultaneously, and ACT tokens suddenly crashed and fell by more than 60%
Market Hotspots
Yesterday, ACT suddenly crashed by 60% and is currently quoted at $0.07169. The cause may be related to the exchange’s adjustment of the leverage of ACT tokens. Some market makers’ positions exceeded the limit and were directly closed at the market price. After the contract price collapsed, a huge price gap appeared with the spot price, and the spot price also collapsed.
In the last 24 hours, a total of 103,846 people were liquidated worldwide, with a total liquidation amount of $258 million. The largest single liquidation occurred in ACT tokens, with a single liquidation amount of $3.788 million.
Mainstream Coins
Bitcoin was impacted by the US stock market’s stop falling, and it rose slightly in sync with the US stock market. As of press time, Bitcoin was quoted at $84,750, up 2.3% in 24 hours. The correlation coefficient between Bitcoin and US stocks is currently over 0.6, with a clear positive correlation.
Ethereum rose in sync with the broader market that day, with the price rising to as high as $1,927. As of press time, there has been a significant correction, with the current price at $1,877, and all gains during the U.S. stock trading session have now been reversed.
Altcoins did not follow the rebound of the market and were severely divided. SocialFi (-4.1%) and NFT (-2.3%) sectors led the decline, with MASK tokens falling 33% in 24 hours and PENGU tokens falling 9%.
Macro news: US ISM manufacturing PMI shrunk for the first time this year, current oil prices stabilized
The US ISM manufacturing PMI shrank for the first time this year, and the price index hit a new high since June 2022. The US ISM manufacturing PMI in March was 49, which was lower than expected and shrank for the first time this year. The price index rose sharply for the second consecutive month, and factory orders and employment were both sluggish, highlighting the impact of Trump’s tariffs on the US economy.
Crude oil prices were steadier, with Brent at $74.47 a barrel and U.S. WTI at $71.21 a barrel. The market reacted to concerns about the impact of new U.S. tariffs and a potential trade war, as well as threats of secondary tariffs on Russian oil and increased sanctions on Iran.
