Gate Research: Crypto Market Continues Weak Consolidation, Jane Street Significantly Reduces Bitcoin ETF Holdings

Gate Research Daily Report: BTC continued to trend lower in a volatile consolidation over the past 24 hours, with the current price now hovering near the intraday low. Short-term price action still appears to reflect a weak recovery rather than a clear reversal. ETH underperformed BTC, with a sharper pullback following an intraday rally attempt. Rising activity across Cosmos-based DEXs, improving sentiment around Web3 token launches, and a broader short-squeeze dynamic drove concentrated capital inflows into OSMO, POLS, and BTRST, signaling a notable rebound in risk appetite toward narrative-driven mid- and small-cap assets. The U.S. Senate has approved Kevin Warsh as the next Federal Reserve Chair, marking the beginning of the “post-Powell era.” Meanwhile, Jane Street’s Q1 portfolio adjustments revealed a significant reduction in Bitcoin ETF exposure alongside strategic increases in Ethereum ETF holdings and Galaxy Digital positions. In addition, the gap between Ethereum and Solana DEX monthly trading volume has narrowed to its lowest level in nearly 12 months.