CryptoQuant: Tonights economic data may provide momentum for a short-term market rebound

CoinRank News: According to CryptoQuants report, investors transferred more Bitcoin, ETH and XRP to trading platforms before Trumps speech, indicating an increased willingness to sell. Bitcoin single-block trading volume also surged in the hours after Trump began his speech. In the United States, Bitcoin deposits on Coinbase also increased, especially from large holders. Similarly, the amount of ETH flowing into the trading platform peaked at about 80,000 ETH in 1 hour. The amount of XRP transferred to Binance jumped to 130 million in 1 hour, compared with less than 10 million XRP per hour for most of the previous day. CryptoQuant said that the increase in inflows to trading platforms reflects investors willingness to close positions amid increased economic uncertainty, and as traders closed long positions to profit, the demand for Bitcoin and ETH in the perpetual futures market fell. But as adverse factors fade, new economic data (non-farm and unemployment reports) to be released later on Friday may provide momentum for the markets short-term rebound.