pullback

According to Gate market data, U.S. stocks closed with the Dow Jones Industrial Average down 1.07%, the S&P 500 down 1.24%, and the Nasdaq Composite down 1.54%. Technology stocks generally fell, with Micron Technology down 6.62%, Intel down 6.18%, NVIDIA down 4.42%, and Tesla down 4.75%.

According to Jinshi, Tim Graf, Managing Director and Head of EMEA Macro Strategy at State Street, stated that global stock markets have continued to rise over the past few days, but the momentum is currently showing signs of fatigue. He pointed out that the stock market is still supported, and if there are factors that trigger a pullback, it may be the movements in the interest rate market and the expectation that inflation will remain above the target levels of many central banks, forcing central banks to tighten policies.

According to Gate market data, U.S. stocks closed on Tuesday with the Dow Jones Industrial Average initially rising by 0.1%, the S&P 500 index falling by 0.16%, and the Nasdaq Composite index dropping by 0.7%. Qualcomm (QCOM.O) fell by 11%, Micron Technology (MU.O) fell by 3.5%, and both Intel (INTC.O) and SanDisk (SNDK.O) fell by over 6%. The Nasdaq China Golden Dragon Index fell by 0.82%, and JD.com (JD.O) rose by 3%.

According to monitoring by Hyperinsight, a certain whale made 14 consecutive long trades yesterday, but none were profitable, all recorded losses. In the past hour, the address has shifted to shorting, opening a ZEC short position of 2000 coins with 10x leverage, with a position size of approximately 1.2 million dollars, an average opening price of 614.9 dollars, and a current floating profit of 20%.

CryptoQuant's research director Julio Moreno wrote in a report: "The demand for perpetual futures contracts is the only driving force behind the rise in Bitcoin prices, while the apparent demand for spot continues to shrink. This structure has historically appeared during bear markets and is often difficult to maintain an upward trend."Moreno stated that the divergence between rising futures demand and shrinking spot demand is one of the clearest signals on-chain, indicating that this rally is more speculative rather than driven by structural growth. He pointed out that this means the price increase is mainly driven by leverage rather than new inflows of Bitcoin.Moreno also said: "Historically, this type of structure lacks the foundation to support sustained price increases, and once futures positions begin to unwind, it usually corrects through price pullbacks." CryptoQuant indicated that the current demand structure driven by perpetual futures is similar to the situation at the beginning of the bear market in 2022. While this does not mean that the same outcome will necessarily occur this time, the current structure does present significant downside risks.

CryptoQuant posted on platform X that the current pullback of BTC is still higher than the previous panic sell-off low. This does not guarantee further declines, but the current situation still has substantial differences from past cyclical lows.

According to Jinshi reports, Andrew Slimon, a senior portfolio manager at Morgan Stanley Investment Management, stated that investors should prepare for a pullback in the U.S. stock market and act decisively when fear reaches its peak.He believes that the current strong corporate earnings are colliding with accumulated risks, and the stock market, especially the "Tech Seven Giants," has risen significantly, increasing the risk of further price increases. Slimon advises investors to remain patient, stating that now is not the best time to deploy new capital, but he still maintains a constructive outlook in the long term.

Investment bank William Blair stated that after a decline of about 26% from its peak in the first quarter, Coinbase has basically completed its de-risking, and the market's expectations for its weak trading volume and revenue have been fully reflected in its stock price.Analysts pointed out that although the trading data in the first quarter was weak, it had limited impact on market sentiment, and the company is enhancing its competitiveness through a "full-service trading platform" that includes derivatives, staking, stock trading, and prediction markets. The report emphasized that the continued growth of the stablecoin USDC is a core positive, with its market share rising to about 27%, a significant increase from around 21% in 2024, and it continues to capture market share from USDT.William Blair believes that the expansion of USDC brings synergistic benefits to Coinbase and its issuer Circle, and is optimistic about the latter's long-term value in stablecoin payment and trading scenarios. At the same time, institutions believe that the probability of a long-term downturn in the cryptocurrency market is low, and Coinbase has "asymmetric upside potential" in the market recovery.

According to Jinshi reports, Goldman Sachs' pre-market stock price has retraced, with earlier gains turning into losses.

According to Gate market data, on Thursday, U.S. stocks fell sharply, with the Nasdaq Composite Index dropping more than 2%, nearly 11% down from its peak on October 29 of last year, confirming it has entered a correction zone. On that day, the Nasdaq and S&P 500 Index recorded their largest single-day decline since January 20. U.S. stock futures narrowed their losses after the close, as Trump announced a temporary halt to attacks on Iranian energy facilities until April 6. Ryan Detrick, chief market strategist at Carson Group, stated that this war has greatly impacted investor sentiment, and the fluctuations in the Nasdaq confirm that the overall weakness is still ongoing.

According to SoSoValue data, the negotiation deadlock has reignited market panic, leading to a general pullback in the crypto sector. The AI sector performed poorly, dropping 7.96% in 24 hours, with Siren (SIREN), which had previously risen continuously, falling 29.88%. Worldcoin (WLD) and Kite (KITE) dropped 8.81% and 16.6%, respectively. Meanwhile, Bitcoin (BTC) fell 3.17%, dropping below $69,000; Ethereum (ETH) decreased by 4.21%, falling below $2,100.In other sectors, the CeFi sector dropped 2.2% in 24 hours, but Aster (ASTER) rose 1.35%; the PayFi sector fell 2.88%, with XRP (XRP) down 3.16%; the Layer1 sector decreased by 3.26%, while Canton Network (CC) surged 2.53% during the day; the DeFi sector fell 3.77%, with Onyxcoin (XCN) relatively strong, rising 5.34%; the Layer2 sector dropped 4.04%, while OpenLedger (OPEN) rose against the trend by 8%; the Meme sector fell 5.14%, with BUILDon (B) surging 2.14% during the day.The crypto sector index reflecting historical market trends shows that the ssiSocialFi, ssiAI, and ssiMeme indices fell by 5.25%, 5.11%, and 4.17%, respectively.

According to Binance spot data, the market has experienced significant fluctuations. BANANAS31 has risen by 19.13% in 24 hours, while also reaching a bottom rebound state.In addition, DEGO has also shown a bottom rebound state, with an increase of 7.84%. Among the other tokens, WAXP, GUN, IDEX, and STO have all shown a "high pullback" state, with declines of 11.73%, 18.07%, 7.09%, and 7.24% respectively. Meanwhile, BERA has reached a new low for the week, with a decline of 26.2%.

According to Binance spot data, the market shows a divergence between bulls and bears. IDEX has a 24-hour decline of 9.04%, and BARD has a 24-hour decline of 8.98%, both experiencing a "high and then falling back" state.At the same time, FIO has reached a new low for the week, with a 24-hour decline of 24.54%. Other tokens such as C98, SEI, POL, PHA, AXS, and GTC have also reached new lows today, with declines ranging from 5.26% to 10.41%.

According to Binance spot data, the market shows a divergence between bulls and bears. ANIME has fallen 7.9% in the last 24 hours, entering a "high and then falling" state.At the same time, JOE, W, HEI, FRAX, ARPA, BAND, and SAGA have all reached new lows today, with declines of 5.12%, 7.39%, 5.13%, 5.18%, 5.52%, and 7.03%, respectively.

According to monitoring by Hyperinsight, the "Strategy Opponent's Address" (0x94d3...) continuously rolled over its short positions in BTC and ETH within about ten minutes, accumulating an increase of 214.60 BTC (approximately 14.51 million USD) and 3488.85 ETH (approximately 6.69 million USD). The total short position size has thus expanded to 130 million USD.After this round of increasing positions, its BTC short position size rose to 81.31 million USD, with an average price adjusted down to 71,159.60 USD, currently showing an unrealized profit of 1.738 million USD (+85.53%), and it has now become the largest on-chain BTC long;The ETH short position size rose to 48.08 million USD, with an average price adjusted down to 2,198.89 USD, currently showing an unrealized profit of 1.023 million USD (+53.18%).

According to SoSoValue data, the overall cryptocurrency market is in a correction trend. The RWA sector leads the market decline, dropping 3.92% in 24 hours, with Ondo Finance (ONDO) down 2.76% and Pendle (PENDLE) down 3.12%. Meanwhile, Bitcoin (BTC) fell 1.92%, dipping below $74,000 during the day; Ethereum (ETH) decreased by 1.3%, falling to just above $2,300.In other sectors, the DeFi sector dropped 0.39% in 24 hours, but River (RIVER) rose 12.22%; the Layer1 sector fell 0.53%, with Kaspa (KAS) relatively strong, increasing by 9.87%; the Meme sector declined 1.02%, while Siren (SIREN) went against the trend, rising 29.79%; the CeFi sector decreased by 1.77%, with Cronos (CRO) down 3.19%; the Layer2 sector fell 2.14%, while zkSync (ZK) surged 2.16% during the day; the PayFi sector dropped 2.63%, with XRP down 3.51%.The cryptocurrency sector indices reflecting historical market trends show that the ssiSocialFi index rose 0.77%, the ssiRWA index fell 4.04%, and the ssiPayFi index decreased by 2.64%.

According to Binance spot data, the market is polarized, with multiple tokens experiencing a rise followed by a decline. DGB has dropped 9.49% in 24 hours, ENJ has dropped 14.23% in 24 hours, and OGN has dropped 15.25% in 24 hours.In addition, RLC has dropped 9.41%, STRAX has dropped 7.94%, SUN has dropped 7.72%, BICO has dropped 5.89%, ASTR has dropped 6.23%, and POLYX has dropped 10.93%.

According to independent analyst Markus Thielen, Ethereum has accumulated a decline of about 63% in this cycle, reaching a low of $1837, and the current price is testing the technical resistance level at the upper edge of the downward channel.The recent price recovery has been primarily driven by options capital flow and the Gamma hedging mechanism, with no significant changes in the fundamentals. Although ETF demand has shown some signs of recovery, derivative positions remain the core factor affecting recent trends. Analysts point out that the financial asset attributes of Ethereum are becoming increasingly apparent, and its price movement has begun to decouple from traditional major asset classes. The traditional risk-on/risk-off framework has limited explanatory power, and the crypto market may be forming a more independent pricing logic, with the position structure and capital flow worthy of continuous tracking.

According to Binance spot data, the market has experienced significant fluctuations. CAKE has risen by 18.32% and 18.18% in 24 hours, showing a rebound after hitting a low.At the same time, PSG has shown a "high to low" state, with a 24-hour decline of 16.36%. HFT has also shown a "high to low" state, with a decline of 15.12%. Additionally, MAV, DYM, TAO, and TST have all shown a "high to low" state, with declines of 13.9%, 11.47%, 5.18%, and 5.49%, respectively.