- The cryptocurrency market capitalization steadies at $2.8 trillion on Wednesday, following a 1.2% decrease over the past 24 hours.
- Bitcoin’s price has jumped past $85,000 as the ongoing congressional review of the stablecoin bill in the US boosts market optimism.
- Bitcoin ETFs experienced a withdrawal of $157.8 million on Tuesday, marking the third consecutive day of outflows.
The current market capitalization for cryptocurrencies is approximately $2.82 trillion, indicating a 1.2% drop in the last 24 hours. Factors influencing this shift include new Bitcoin purchases by institutional investors and expectations surrounding the US Congress’s discussions on stablecoin legislation, which continues into its second day on Wednesday.
Bitcoin market updates:
- Bitcoin started trading at $85,158 on Wednesday before climbing 2.4% to reach a peak of $87,300.
- The narrative of corporate adoption persists, with the US-based firm Gamestop announcing intentions to issue a $1.5 billion debt note aimed at financing BTC acquisitions.
Bitcoin Short-term vs Long-term supply
Charts from a blockchain analytics platform show that publicly traded companies added 91,781 BTC to their reserves in Q1 2025, even as Bitcoin’s price declined by 15%, dropping from $94,400 to $82,400 during that timeframe.
Chart of the day: BlackRock’s IBIT ETF records $20M inflows
Bitcoin exchange-traded funds (ETFs) have seen their outflow streak extend to three days, with $157.8 million withdrawn on Tuesday, according to data from an analytics platform.
Bitcoin ETFs Netflows
Investors in BlackRock’s IBIT ETF remained neutral, while Fidelity and Ark Invest (ARKB) led the outflows with $85 million and $87.4 million respectively. Conversely, Bitwise’s (BITB) shares recorded $24.5 million in inflows, making it the only ETF to show positive results on Tuesday.
The varied trading patterns among the ETFs this week suggest that investors are adopting different strategies rather than reacting to a singular bearish trigger.
Altcoin market updates: ETH, SOL traders impacted in $235M liquidation wave
Bitcoin (BTC) continues to dominate the market, trading as high as $87,300, while altcoins have shown mixed results. The total global cryptocurrency market capitalization is $2.82 trillion, reflecting a 1.2% drop over the last 24 hours.
Crypto Spot market performance
From the major altcoins ranked by market capitalization:
- Ethereum (ETH) is priced at $1,865, down 0.2% in the last 24 hours and 0.7% over the week.
- Solana (SOL) has a price of $126, decreasing by 1.0% on a daily basis and 13.0% weekly, reflecting selling pressure.
- Binance Coin (BNB) is facing challenges at $600, losing 2.3% weekly, despite a relatively stable performance throughout the day.
- Dogecoin (DOGE) is among the hardest hit, with a 15.8% decline over the past week, although it has managed a slight daily gain of 0.1%.
- Cardano (ADA) is trading at $0.68, showing a 1.1% weekly increase, making it one of the stronger large-cap altcoins.
Crypto spot market performance | April 2
According to Coingecko data, prominent altcoins have been trading sideways on Wednesday, with Ethereum, Solana, and Dogecoin bearing the most selling pressure over the past week, while Cardano remains stable.
Crypto Derivatives market analysis
Analysis from the liquidation heatmap indicates:
- The largest liquidations were in Bitcoin (BTC) at $70.67 million, followed by Ethereum (ETH) at $42.05 million.
- Overall altcoin liquidations totaled around $110 million, with Solana (SOL) contracts constituting $8.38 million and XRP positions exceeding $7.5 million.
Crypto Derivatives Market Performance, April 2, 2025
- In the last 24 hours, total liquidations reached $235.14 million, with short positions contributing $106.98 million, suggesting a short squeeze primarily driven by Ethereum and Solana.
Market outlook
The significant number of short liquidations in Ethereum and Solana follows the announcement that the defunct exchange FTX will initiate repayments on May 30, with 99% of the on-chain assets from defunct exchanges held on Ethereum and Solana blockchains, according to Arkham data.
If Bitcoin maintains its upward momentum, we could see additional short squeezes leading to further price increases for altcoins.
Crypto news updates:
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Analysis on how potential tariffs could affect crypto
A recent analysis explores the possible implications of proposed tariffs by US President Donald Trump on the cryptocurrency market.
Market analyst James Butterfill points out that Bitcoin’s correlation with the NASDAQ currently sits at 40%, a decrease from its peak of 72%.
While Ethereum and altcoins have remained aligned with the technology sector, the analysis suggests Bitcoin’s capacity to decouple – observed during the banking crisis of 2023 – implies that tariffs could enhance its long-term attractiveness as a hedge.
As global markets adjust to changing trade policies, analysts stress that economic instability stemming from tariffs could redefine Bitcoin’s role within investor portfolios.
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Franklin Templeton investigates potential crypto ETP launch in Europe
Franklin Templeton is considering the launch of a cryptocurrency exchange-traded product (ETP) in Europe after BlackRock’s recent introduction of a Bitcoin ETP in the region.
The firm, which oversees a prominent crypto ETF line in the US, is assessing market conditions and regulatory environments before deciding.
This potential move indicates Franklin Templeton’s ongoing expansion into digital assets as institutional demand rises.
The company has reaffirmed its commitment to innovation across various asset classes and stated it is actively looking for opportunities within the cryptocurrency sector.