Capital Flow

2026-04-02 03:30 to 2026-04-02 03:45 (UTC), ETH experienced a short-term decline in yield of -0.94%. The price ranged from 2046.01 to 2075.41 USDT, with a fluctuation of 1.42%. During this period, market volatility intensified, on-chain attention increased, reflecting investors’ high sensitivity to upcoming network changes and large capital flows. The main drivers of this abnormal movement stemmed from large transfers concentrated among on-chain whales and institutional addresses, with some individual transactions exceeding 10,000 ETH, and simultaneously flowing in large volumes.

Bitcoin and ether exchange-traded funds (ETFs) extended their rebound with a second consecutive day of inflows. Activity in XRP and solana ETFs remained absent, reflecting fading short-term interest. Second Straight Day of Strong Inflows for Bitcoin and Ether ETFs Momentum is building again.

The U.S. Office of the Comptroller of the Currency (OCC) issued Bulletin 2026-4, effective April 1, providing a clear regulatory path for Ripple’s national trust bank and allowing it to operate after meeting the conditions to open for business. This bulletin replaces “fiduciary activities” with “the operations of a trust company,” expanding the organization’s service scope, including digital asset custody services. Ripple’s regulatory status has undergone a significant transformation, and in its application for a licensed institution, it seeks a Federal Reserve master account, focusing on the growth and challenges of the digital asset market.

Pi Network announced that its testnet remote procedure call (RPC) servers are now live, laying the groundwork for building a smart contract ecosystem. Although this news is seen as a positive, the core team’s selling of more than 21.8 million PI tokens, along with the ongoing supply pressure stemming from user top-ups, has still exerted downside pressure on the market. Technical analysis shows that the support level for the PI token is $0.1736; the future price action needs to be closely watched.

A CryptoQuant report indicates that as of the end of March, Bitcoin’s “apparent demand” is -63,000 BTC, showing that the market has an oversupply situation, and institutional buying cannot offset retail selling. Starting in mid-2025, the giant whales began large-scale selling, pushing the market into a distribution phase. Although ETF institutional buying has increased, it has not been able to change the weak demand situation, and weakening domestic U.S. demand may further affect the market. Easing geopolitical tensions could become a catalyst for a short-term rebound.

From 02:00 to 02:15 (UTC) on 2026-04-02, ETH experienced a significant decline. Over 15 minutes, the return was -1.01%. The price fluctuated between 2078.19 and 2100.1 USDT, with an amplitude of 1.04%. Short-term trading was active, market attention increased, and volatility intensified. The main driver behind this movement was that the sell-side order proportion on a certain trading platform's order book rose to 63%, while buy orders weakened significantly, directly triggering the price decline. At the same time, during this period, capital flowed out net, buy-side support was insufficient, and the concentrated selling pressure led to a sharp short-term decline in ETH.

Drift Protocol was hacked on April 1, when attackers stole about $285 million in assets, setting the record for the largest loss in DeFi security incidents in 2026. The hackers quickly converted funds to ETH and split up storage, increasing the difficulty of recovery. The industry is currently pessimistic about the likelihood of funds being recovered. This incident will intensify regulatory pressure on the DeFi industry and force developers to strengthen smart contract security.

According to SoSoValue data, on April 1 the U.S. XRP spot ETF saw net outflows of $1.3158 million, with the 21Shares XRP ETF being the only net outflow fund. Its net asset value totaled $948 million, and its historical cumulative net inflows reached $1.208 billion.

From 2026-04-02 01:15 to 2026-04-02 01:30 (UTC), the ETH spot price return logged -1.33%, reported at 2106.08 to 2140.86 USDT, with a range of 1.62%. During the event window, market volatility intensified, near-term attention clearly increased, and concentrated sell pressure triggered a rapid price pullback. The main driving force behind this unusual move is that capital outflows have once again intensified. On-chain data shows that over the past one cycle, ETH exchange net outflows have remained negative, reaching as high as -6,625.86 coins, while the ETF recorded a net outflow of -2,000 units.

Bitcoin (BTC) dipped in the short term to $67,600. The U.S. Department of the Treasury launched a small consultation on regulatory guidance for stablecoins under the “GENIUS Act,” and the CFTC Chair said he is ready to regulate the entire crypto market. Amid market developments, spot Bitcoin inflows are slightly higher than outflows, and the CFTC and the SEC have signed an agreement to coordinate digital asset regulation.

Gate News message, four wallets collectively withdrew 32,880 ETH valued at $70.03 million from centralized exchanges. All these wallets were created 113 days ago simultaneously. The addresses are: 0x5b4A6744483948f393e6D6C6C181Ce0a4e87F5bB, 0xd86536E111221306D34ac45Ad2Bda4b69d1dDc44, and 0x07A5D26ac

Gate News update, April 2, on-chain analytics platform Lookonchain monitoring shows that Bitcoin mining firm Riot Platforms has again sold 500 BTC, worth approximately $34.13 million. Data shows that the company’s total sell-off this month has already exceeded 1,000 BTC.

Ripple Prime has expanded its integration with Hyperliquid to include commodity perpetual contracts, enabling institutions to access decentralized derivatives alongside traditional asset management within a unified margin system, enhancing efficiency and portfolio management.

Gate News update. Based on on-chain data, Drift Protocol has experienced abnormal outflows of over $200 million. Related on-chain records indicate that the protocol has undergone a large transfer of funds.

Gate News update: On April 1, according to Arkham monitoring, about 1 hour ago, BlackRock withdrew 1,780 ETH from a CEX address through its Ethereum exchange-traded fund (ETF) ETHA, worth approximately $3.79 million; subsequently, BlackRock also withdrew a total of about 1,450 BTC from a CEX address via its Bitcoin ETF IBIT, valued at around $99.71 million. There may be further transactions.

Gate News update. April 1, according to monitoring by Lookonchain, Bitcoin miner Riot Platforms appears to have sold 500 BTC about 2 hours ago, worth approximately $34.13 million.

2026-04-01 16:30 to 16:45 (UTC), the ETH spot price oscillated and rose. The 15-minute interval return recorded +0.66%, with the price moving narrowly between 2133.04 and 2152.23 USDT, and an amplitude of 0.90%. Market activity remained consistently high; the number of active on-chain addresses reached about 420,690 within 10 minutes. Heightened volatility triggered short-term attention. The main driver behind this unusual move came from changes in the derivatives market structure. From the end of March 2026 to the beginning of April, the ETH options market experienced the largest expiration event in history, with more than 5 million options contracts expiring simultaneously, significantly impacting market dynamics.

Gate News update: On April 1, according to monitoring by Lookonchain, yesterday (March 31), U.S. Bitcoin ETFs saw net inflows of 1,752 BTC, Ethereum ETFs saw net inflows of 14,488 ETH, and Solana ETFs saw net inflows of 571 SOL.

In brief Moody's assigned a provisional Ba2 rating to up to $100 million in Bitcoin-backed revenue bonds issued through New Hampshire's Business Finance Authority. The bonds are backed solely by Bitcoin held in custody at BitGo, with no New Hampshire public funds at risk. The rating

In March, crude oil traders piled into large short positions, betting on a decline in oil prices, but most were dealt severe blows. Although the ProShares UltraShort ETF saw the biggest inflow of capital, it still performed poorly. At the same time, long funds also received a surge in inflows, and the market showed a high degree of divergence.