On April 9, 2025, a major pullback occurred in the crypto world, with the following main updates:

- Mainstream currency prices fell: Bitcoin dropped to a low of $75,000, briefly dipping to $72,000, and then weakly rebounding to around $74,500, with a 24-hour decrease of 5.3%. Ethereum lost the $1,400 mark, hitting a low of $1,420, marking a new low since October 2023, and the ETH/BTC exchange rate fell to a historical low of 0.0198.

- Market panic sentiment is rising: the panic index is at 23, indicating extreme panic. The volume of open interest in derivatives has decreased by 15%, the funding rate is -0.03%, and bearish sentiment dominates the short-term mood.

- Significant decrease in trading volume: 24-hour trading volume is $115.1 billion, a decrease of 42.16% compared to the previous day.

- SOME CRYPTOCURRENCIES FELL SHARPLY: EOS FELL BY 17.46% AND MARTCOIN FELL BY 12.8%. However, LEO rose by 1.23%, and exchange tokens rose steadily.

- On-chain dynamics and institutional performance: Whale addresses bought 4,200 bitcoins at $72,000, but the net inflow to exchanges surged to 31,000 coins/day, indicating that the selling pressure has not been fully released. Ethereum ETF saw a net outflow of $3.58 million in a single day, and Grayscale's holdings decreased by 3.2%.

In addition, on the macro front, Trump's new tariff policy came into effect on April 9, U.S. stock futures plummeted by 5%, gold and U.S. bonds rose simultaneously, and risk assets were sold off, which also had a certain disturbance to the currency circle. At the same time, Brazilian central bank officials said that virtual asset regulatory policies are expected to be introduced soon, which also added to the uncertainty in the market.