Global TradFi & Macroeconomics

Bitcoin broke through $72,000 on April 10, mainly due to a fragile ceasefire agreement between the U.S. and Iran that boosted market risk appetite, with funds flowing from safe-haven assets into Bitcoin. Increased institutional inflows and a rebound in Large Investors’ holdings are driving the price higher. Technical analysis shows that the main resistance lies in the $72,200 to $73,500 range. Despite a bullish outlook in the short term, there is still disagreement over forecasts for Bitcoin’s price by year-end, and the risk of a pullback also needs to be watched.

Gate News news, on April 10, the Korea KOSPI Index (Korea’s stock market benchmark index) rose 8.96% this week, posting its largest weekly gain since January 2021.

Gate News: According to the latest Gate TradFi data, XPTUSD (Platinum) has dropped by 2% in a short period. Current volatility is significantly higher than recent averages, indicating increased market activity.

Jefferies’ economists report that the Middle East conflict affects all parties. The United States is the least affected, due to oil and gas price increases, Russia is the winner, and Iran may lift sanctions. The main losers are the Gulf states and Asia, which relies on Middle East oil and gas, while Europe has lost ground geopolitically.

TSMC reported revenue of NT$415.19B in March 2026, setting a new monthly high and up 45.2% year over year. Cumulative first-quarter revenue surpassed NT$1.1 trillion, up 35.1% year over year. The result was mainly driven by AI demand, showing strong growth momentum.

Evernorth is advancing a merger plan with Armada Acquisition Corp II. After the merger, it will be listed on the Nasdaq under the ticker symbol XRPN, with XRP as its core asset. This move not only enables institutional investors to gain indirect exposure to XRP, but also is expected to reduce circulating market supply, enhance recognition of XRP’s value, and promote the integration of traditional finance with digital assets.

The Iranian government charges oil tankers a $1 per-barrel toll for passage through the Strait of Hormuz and requires payment in bitcoin to bypass U.S. sanctions. This move has caused extreme volatility in the cryptocurrency market, with bitcoin’s price surging, highlighting the importance of digital assets in geopolitics. Global shipping has been disrupted, Iran and the United States have taken differing positions in ceasefire talks, and financial markets have also roiled in response to this event.

Middle East crude oil producers are asking Asian refiners to submit their April and May loading schedules in preparation for restoring navigation through the Strait of Hormuz. Although Iran has not lifted its blockade of the waterway, the U.S.-Iran ceasefire agreement offers hope for reopening. Saudi Aramco has also asked customers to apply for May loading.

Morgan Stanley’s Bitcoin ETF “MSBT” has officially launched, becoming the first such product issued by a large bank. Management fees are as low as 0.14%. On its first day, it raised $34.0 million, indicating market demand for low fees and distribution through financial advisors. This move marks a full-scale entry by traditional financial institutions into the crypto asset market, shifting the competitive focus to fees, liquidity, and the ability to reach customers.

The French National Assembly has passed a rule requiring mandatory reporting of crypto assets held in self-custody wallets above 5,000 euros, applicable to multiple mainstream wallets. The DGFIP opposes this, arguing that enforcement will be difficult and that data centralization will increase user risk. Experts say the law may be hard to implement and urge users to closely monitor subsequent developments.

Ripple's Chief Legal Officer Stuart Alderoty has joined Evernorth Holdings' board, a company set to list on Nasdaq under **$XRPN**. Evernorth's model mirrors MicroStrategy's, allowing traditional investors exposure to XRP without direct ownership. The market reacted positively, reflecting confidence in this institutional infrastructure.

CME Group will begin offering 24/7 trading for crypto futures starting May 29, and will also add AVAX and SUI futures, showing that traditional finance is rapidly approaching the crypto market. This move not only meets market demand for round-the-clock trading, but also serves as a test of whether traditional financial assets can operate 24/7 in the future. The new futures contracts will provide more flexible options and capital efficiency, further expanding CME Group’s crypto product lineup.

Gate News: According to the latest Gate TradFi data, CHCUSD50 (China A50 50x) has surged by 1.5% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

On April 9, Bitcoin spot ETF total net inflows were $358 million, BlackRock ETF IBIT had net inflows of $269 million, and historical total net inflows reached $63.59B. Fidelity ETF FBTC had net inflows of $53.3345 million, with total net inflows of $11.03B. Currently, the total assets net asset value of Bitcoin spot ETFs is $93.29B.

The Federal Reserve's recent minutes revealed mixed signals on potential rate changes, influenced by inflation and geopolitical tensions. Bitcoin's price is currently around $71,000, with analysts divided on its future amid these macroeconomic pressures, relying on factors like the Iran ceasefire and inflation trends.

Gate News: According to the latest Gate TradFi data, CHCUSD50 (China A50 50x) has surged by 1% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

Circle Internet Group（CRCL）stock price fell 9.9%, and Compass Point cut its rating to “Sell,” with a target price of $77, reflecting regulatory risk and the impact of market sentiment. At the same time, a hacking incident involving Drift Protocol triggered a collective lawsuit investigation, indirectly affecting CRCL’s stock price. Market awareness of DeFi risks has increased, and with stablecoin legislation stalled, Circle faces greater structural pressure.

Gate News: Message. On April 10, the U.S. Department of Labor will release the U.S. March CPI (Consumer Price Index) data at 20:30 Beijing time tonight. This release will include: the 3-month unadjusted CPI year-over-year rate, the seasonally adjusted CPI month-over-month rate, the seasonally adjusted core CPI month-over-month rate, and the unadjusted core CPI month-over-month rate. CPI data is a key indicator used to measure the level of inflation and has historically had an important impact on financial markets; it may trigger market volatility at the time of release.

Market maker Keyrock and tokenization platform Securitize jointly released a report predicting that the on-chain transferable distributed RWA market will grow from $29.0 billion to $400.0 billion, an increase of over 1,000%. It is expected that by 2028, RWA perpetual contracts could account for 50% of the total on-chain derivatives market. Currently, tokenized RWAs account for less than 0.1% of the global tokenizable market.

On April 9, Ethereum spot ETFs saw net inflows of $106 million, a marked increase compared with the previous day. BlackRock’s ETHA and ETHB had net inflows of $90.94 million and $13.67 million, respectively, while Grayscale’s mini version of ETH recorded net inflows of $9.67 million. Meanwhile, 21Shares TETH, Franklin EZET, and Grayscale ETHE saw net outflows.