First Market｜BTC is about to rebound into a key resistance level, favourable information for ETH is on the way.

Daily Summary: CEX platform ETH holdings hit a nine-year low, Bloomberg reports that altcoins have recently outperformed BTC.

According to data from Farside Investors, yesterday the total net inflow for Bitcoin spot ETFs in the U.S. was $66.1 million, with Fidelity's FBTC seeing an inflow of $82.9 million and Ark's ARKB experiencing an outflow of $41 million.

The inflow and outflow of funds for Ethereum spot ETFs yesterday were basically negligible.

ETH Welcomes Bullish Catalyst, CEX Platform ETH Holdings Hit Nine-Year Low

According to tracking data from CryptoRank and Santiment, the amount of Ether (ETH) held in wallets linked to centralized exchanges has dropped to its lowest level in 9 years, at 8.97 million coins. This is the lowest record since November 2015. Tokens continue to flow out of centralized trading platforms, which may lead to a decrease in the supply of tokens on the market, potentially triggering a price surge. BTC also shows a similar trend, with the amount held on exchanges reaching its lowest level in seven years, followed by a price surge.

Viewpoint: Investors can consider Bitcoin as a large tech stock, with high short-term correlation to the Nasdaq

Standard Chartered Bank stated that the correlation between Bitcoin and the Nasdaq is typically higher than its correlation with gold, and investors can view Bitcoin as a large tech stock to benefit.

According to the bank's data, the correlation between Bitcoin and the Nasdaq is currently about 0.5, having previously approached 0.8 earlier this year. Meanwhile, the correlation between Bitcoin and gold has been steadily declining since January, briefly touching zero and currently just above 0.2.

Bloomberg: Altcoins Outperform Bitcoin in Broad Rally

According to Bloomberg, in a broad rebound of the cryptocurrency market, altcoins have outperformed Bitcoin as signs indicate that the U.S. will implement more targeted tariffs, weakening the demand for safe-haven assets.

Market Analysis: BTC continues to rebound and is about to reach a key resistance level.

Market Hot Spots

The DeSci sector tokens rebounded, with BIO rising over 16% in 24 hours, and both VITA and YNE increasing by over 10% in 24 hours.

The UPCX project ecological token UPC has broken through a 10% increase in 24 hours. UPCX is an open-source payment system with strong traffic support in the payment, Layer 2, and RWA sectors. It supports various assets, including NFTs and stablecoins, and offers a user-friendly super payment application.

Market Trends

BTC continues to surge, briefly surpassing 88,000 USD during the session, before dropping back to the 87,000 USD range. Analysts believe that if Bitcoin recovers its previous high of 90,000 USD, it will quickly embark on a journey to new highs. However, if the upward movement fails, it may retrace to the consolidation range of 73,000-74,000 USD.

ETH once broke through the $2,100 mark, and the number of ETH linked to centralized exchanges has now fallen to its lowest point in 9 years, which may indicate a reduction in the supply of tokens in the market, providing support for a rebound in coin prices.

Shanzhai and meme tokens are experiencing a broad increase. AI concept meme coins and DEX platform tokens are leading the rebound in total market capitalization. The total market capitalization of AI concept meme coins rebounded by 13.1% in the last 24 hours and 25.2% over the past week.

Macro News: U.S. Stocks Rise Across the Board, Investors Get a Breather

U.S. stocks experienced a broad surge on Monday, benefiting from the Trump administration's indication that the tariff policy announced on April 2 will be more "targeted." Wall Street analysts predict that investors may soon find a breather. Stock strategists from institutions like JPMorgan, Morgan Stanley, and Evercore ISI have stated that, based on multiple indicators such as investor sentiment, positioning, and seasonal factors, the most severe phase of the recent downturn in the U.S. stock market may have already passed.

The US services PMI has rebounded, driving an overall improvement in PMI, although the manufacturing sector remains in contraction territory. The positive news has led to a broad increase in US stocks, a rise in US Treasury yields, and a strengthening of the dollar.

Author: Orisi T., Gate.io researcher *This article only represents the author's views and does not constitute any trading advice. Investment carries risks, and decisions should be made with caution. *The content of this article is original and the copyright belongs to Gate.io. If you need to reprint it, please indicate the author and source; otherwise, legal responsibility will be pursued.