Global TradFi & Macroeconomics

Chicago Mercantile Exchange bitcoin futures open interest fell to a 14-month low. Driven by the unwinding of basis trades, institutions are leaning toward directly holding spot, and the leverage level in the futures market has dropped significantly.

Gate News message. On April 11, according to a reporter from Iran’s state television, Iran has announced its negotiating red lines, including four core points: control of the Strait of Hormuz, payment of war reparations, the release of Iran’s frozen assets, and a ceasefire agreement for the entire region.

Iranian news sources said the conditions for the negotiations to begin have not yet been met, including the unfreezing of frozen assets and a ceasefire in Lebanon. Although there were reports that the United States agreed to unfreeze some assets, it has not publicly responded yet. Iran’s parliamentary speaker emphasized that the negotiations must first satisfy these two conditions.

Morgan Stanley's Bitcoin Trust (MSBT) launched with $34M in first-day trading, exceeding expectations. Its low 0.14% expense ratio positions it competitively in the market, attracting strong demand amid renewed investor interest and favorable geopolitical developments.

Gate News message, on April 11, according to Reuters, a senior Iranian official said that the United States has agreed to lift the freeze on part of Iran’s assets held in Qatar and other foreign banks.

Gate News message, April 11, investment bank TD Cowen analyst Lance Vitanza lowered MicroStrategy (stock code MSTR)’s target share price from $440 to $350, and maintained a Buy rating. TD Cowen manages $15 billion in assets.

Michael Saylor asserted that Bitcoin has already finished bottoming out when it reached $60k, and he believes concerns about threats from quantum computers are exaggerated. He predicts that in the future, Bitcoin will become the core of a digital credit system, and he mentioned that selling pressure in the market is limited, which could help drive a new bull market. Mizuho also gave a positive assessment of his company’s future performance.

CNN reported that U.S. Vice President Vance played a key role in driving U.S.-Iran talks in Pakistan, and the ceasefire agreement is expected to take a few days to finalize. Pakistan wants to extend Vance’s stay, while Iran has lower trust in Trump’s envoy, Witcoff.

Bitwise filed an amendment for its spot Hyperliquid ETF with the SEC on April 11, adding the trading code BHYP, with a management fee of 0.67%. Analysts noted that these updates often signal that a product is about to launch. Bitwise, Grayscale, and 21Shares are competing for the right to issue the first Hyperliquid spot ETF.

On April 10, the U.S. SOL spot ETF recorded a net inflow of $11.4530 million in a single day. The Bitwise Solana Staking ETF (BSOL) contributed all of the inflow, bringing the historical total net inflow to $789.00 million. The current net asset value (NAV) of the SOL spot ETF’s total assets is $828.00 million, and the historical cumulative net inflow is $975.00 million.

Gate News message, April 11, according to Farside monitoring, yesterday (April 10) U.S. spot Bitcoin ETFs saw net inflows of $240.4 million, achieving net inflows for two consecutive trading days.

Gate News update: April 11, according to Farside monitoring, yesterday (April 10) U.S. spot Ethereum ETFs saw net inflows of $64.9 million and have achieved net inflows for two consecutive trading days.

Gate News message, April 11, the Nasdaq-listed Bitcoin mining company Bitdeer released the latest Bitcoin holdings data. As of the week ending April 10, Bitdeer’s Bitcoin mining output was 165 BTC, and it sold 165 BTC in the same period, resulting in a net increase of 0 BTC; it still maintains a zero Bitcoin position.

Michael Saylor asserts that Bitcoin has already completed a bottoming process at $60k, and he believes concerns about threats from quantum computers are exaggerated. He predicts that in the future, Bitcoin will become the core of a digital credit system, and he mentioned that there is limited selling pressure in the market, which could help drive a new bull cycle. Mizuho also has a positive assessment of his company’s future performance.

Gate News: On April 11, an authoritative Pakistani government source said that although the United States and Iran had already confirmed that talks would be held on that day, the format of the negotiations is currently still undecided. The source said that the two sides have made a number of arrangements for the talks, including a “face-to-face” format and a “back-to-back” format. Pakistan has been prepared to facilitate the two sides for face-to-face talks, and also to conduct negotiations in a “back-to-back” manner by transmitting information through Pakistan as an intermediary. (Xinhua News Agency)

Iran announced on April 11 a 71-member delegation for negotiations with the United States. The delegation is led by Speaker of Parliament Kalibaf. Members include Foreign Minister Aragchi and multiple experts. The U.S. delegation has 300 members, covering multiple areas such as security.

Crypto ETFs staged a strong rebound, with bitcoin and ether both returning to solid inflows. XRP slipped modestly, while Solana activity remained absent. Key Takeaways: Bitcoin ETFs saw $358.17 million inflows on April 9, led by Blackrock IBIT, restoring momentum. Ether ETFs added $85.19 millio

A U.S. bank research report said that since the 1970s, the global economy’s reliance on oil has declined, and the oil required now is only one-third of that at the time, with economic resilience strengthening. In addition, Haitong Securities’ analysis found that gold did not exhibit safe-haven characteristics; after experiencing a pullback due to geopolitical shocks, it rebounded.

TD Cowen adjusted its price target for Bitcoin-focused Strategy while maintaining a positive outlook, contrasting it with its new buy rating for Ethereum-based Sharplink, which offers a more active digital asset growth model through staking.

Bitcoin’s weekly gain this week reached nearly 7%, marking the strongest single-week performance since October 2025, as the U.S. core CPI data came in below expectations and a ceasefire agreement between Iran and Israel boosted market sentiment. The price briefly broke through $73,000. Market expectations have intensified that the Federal Reserve may start cutting rates sooner, and technical indicators show volatility compression, suggesting that significant price swings may be ahead. In the short term, attention should be paid to the ceasefire negotiations and the Federal Reserve’s policy direction.