Announcements Gate Research: ETH Shows Stronger Structure Than BTC｜Drift Protocol Suffers Exploit

Gate Research: ETH Shows Stronger Structure Than BTC｜Drift Protocol Suffers Exploit

2026-04-02 08:09:33 UTC 4900 Read

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* Market Commentary: BTC surged to $69,305 over the past 24 hours before giving back gains and entering a weaker consolidation phase, which looks more like a post-rally pullback than a trend reversal. ETH outperformed BTC structurally, rebounding to as high as $2,168 with short- and medium-term moving averages still in bullish alignment, though upside momentum has started to soften. Meanwhile, the altcoin market remained structurally mixed, with about 51.02% of tokens posting gains, led by the DID and NFT trading sectors.
* Key Data: Drift Protocol, a major Solana DeFi protocol, suffered a major exploit, with roughly $220 million to $270 million in assets suspiciously transferred, making it one of the most notable on-chain security events in recent weeks. At the same time, BlackRock’s Bitcoin covered call ETF ticker was confirmed as BITA, while the SEC approved NYSE listings for options on multi-crypto asset commodity trusts, showing continued progress in crypto derivatives and yield-enhanced ETF products.
* This Week’s Focus: Total crypto ETF flows recorded a slight net outflow of about $1.8 million over the past week, but ETH products showed relatively stronger demand, including about $28 million in single-day net inflows, suggesting ongoing structural reallocation by institutions. Meanwhile, the CMC Crypto Fear & Greed Index rebounded to 31 from previous extreme fear levels, although overall sentiment remains in the “fear” zone.
* Next Week to Watch: The market may remain in a consolidation and recovery phase in the short term, with further confirmation still needed on volume and sustained capital inflows. Over the next seven days, tokens such as HYPE, ENA, and OPN will face notable unlock events, with ENA alone unlocking about $19.16 million worth of tokens, and the pace of supply release may affect short-term sentiment and price action.

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