Global TradFi & Macroeconomics

On April 11, the U.S. and Iran began 20 hours of negotiations in Pakistan. The core issue was freedom of passage through the Strait of Hormuz. After Bitcoin briefly rose to $73,800, it quickly fell back to $71,557. The U.S. side took a hardline stance, demanding that Iran open the strait, while Iran insisted that easing restrictions must wait until a comprehensive agreement is reached. The two sides have not yet reached a consensus.

U.S. President Trump blockaded the Strait of Hormuz because Iran refused to give up its nuclear weapons program, causing crude oil futures prices on the decentralized platform Hyperliquid to surge by 7%. The market saw intense fluctuations due to concerns about a supply disruption, making it an important venue for price discovery. Strategic petroleum reserves are about to run out, supply risks in the oil market are intensifying, and this could trigger even more severe inflation pressure.

Gate News message: April 12, Iranian President Pezeshkian, on the day he spoke with Russian President Putin, said that Iran is fully prepared to reach an agreement that can safeguard lasting regional peace and security, while being balanced and fair.

Gate News update, on April 12, U.S. President Trump said that once the situation calms down, oil and natural gas prices will ultimately fall. He noted that oil and natural gas prices could be lower before the midterm election, or they could be slightly higher.

Bitcoin demand is set to expand rapidly as Morgan Stanley deploys its 16,000 advisors and launches a low-cost ETF, driving institutional inflows and strengthening crypto’s position in mainstream portfolios. Key Takeaways: Morgan Stanley’s 16,000 advisors unlock major bitcoin demand, driving

Gate News message: On April 12, U.S. President Trump issued a statement on the Iran issue. Trump said that his posts on social media about wiping out Iranian civilization prompted Iran to sit down at the negotiating table. Trump said that on Saturday, two U.S. warships that passed through the Strait of Hormuz encountered no interference. Trump also noted that if the Strait of Hormuz were blockaded, he would take measures similar to the sanctions imposed on Venezuela.

Gate News report: On April 12, local time, the Iranian Islamic Revolutionary Guard Corps Navy released drone surveillance footage, emphasizing that all ship activity in the Strait of Hormuz is currently under the close monitoring and complete control of its armed forces. The IRGC Navy issued a warning stating that any mistaken action will plunge the enemy into a deadly vortex within the strait.

Gate News message: On April 12, U.S. President Trump said today that Iran has not yet left the negotiating table. It is expected that they will return to negotiate and provide everything the U.S. side needs.

Gate News message, April 12, according to Xinhua News Agency, U.S. President Trump issued new threatening remarks to Iran. Trump said: "At the appropriate time, we will be fully 'ready,' and our military will put an end to Iran's remaining forces."

Gate News update. On April 12, U.S. President Donald Trump said that the U.S.-Iran talks had reached agreement on most issues, but that they failed to reach agreement on the key issue of nuclear matters. Trump disclosed that the U.S. side had received briefings on the status of the relevant talks. The talks lasted about 20 hours, but Iran was unwilling to give up its nuclear ambitions. Trump said the U.S. would continue to push for negotiations, but at the same time had made comprehensive preparations. He reiterated that Iran would never have nuclear weapons.

Bitcoin ETFs saw a significant resurgence with $789 million in weekly inflows, the highest since February. BlackRock led the charge, contributing 80% of this total, signaling renewed institutional interest in the market after a period of withdrawals.

Fueled by the U.S.-Iran geopolitical conflict, Western banks have accelerated their exit from large-scale commodity trade finance due to compliance and sanctions risks, prompting traders to shift to stablecoins for cross-border settlement. Stablecoins have become an alternative settlement tool; their usage is rising, with market value exceeding $300 billion and on-chain transaction volume reaching $4 trillion.

Gate News message: After negotiations between the United States and Iran ended on April 12, there was no U.S. delegation left in Pakistan. U.S. President Trump’s special envoy Wittekov, Trump’s son-in-law Kushner, and the U.S. technical team have all left Pakistan’s capital, Islamabad. U.S. Vice President Vance arrived at Ramstein Air Base in Germany before 7:00 a.m. Eastern Time on the 12th. According to earlier reports from Pakistani media, Vance left Pakistan on the 12th local time. (Xinhua)

Gate News message, A whale identified as "0x9e8" closed the majority of its $SILVER long position with 20x leverage and opened a 95,577 $CL long position with 20x leverage valued at $9 million over the past 5 hours. This trading activity occurred as the U.S.-Iran negotiations did not reach success.

Gate News message: On April 12, U.S. President Trump on April 12 reposted an article about an “naval blockade” of Iran on social media. The Iranian Embassy in Austria responded the same day, saying that a blockade cannot be “opened” in the Strait of Hormuz. The embassy wrote on social media: “A simple clarification for those concerned about this matter: a blockade is a blockade. It cannot ‘open’ the Strait of Hormuz—only restrict it. To get out of this self-created predicament, the only way forward is to stay open and flexible in negotiations. Follow reason.”

North Korean hackers’ attacks against the cryptocurrency industry continue to escalate, becoming an important source of funding for maintaining their military budget. Experts say that, unlike hackers from other countries, North Korea relies more heavily on crypto theft; its tactics have evolved into precision takeover—long-term infiltration that is difficult to effectively defend against—posing a serious threat to the industry.

CryptoQuant analyst Darkfost noted that although March CPI recorded the largest month-over-month increase, core CPI remained stable, indicating that U.S. inflation has not fully spread yet. Attention should be paid to upcoming PCE data. If the Iran-Iraq conflict continues, inflation could evolve into a systemic risk and affect economic growth, and the Federal Reserve may need to continue raising rates to respond.

The Bitcoin halving in April 2024 lowered its annual inflation rate to 0.85%, for the first time below gold’s 1.5–2%. Bitcoin’s scarcity comes from code rules: supply will gradually decrease, and another halving is expected again in 2028. This halving cycle witnessed increased participation from institutional investors, strengthening Bitcoin’s position as digital gold.

Bank of America releases a report, adjusting its global economic outlook due to geopolitical shocks in the Middle East. The U.S. growth forecast for 2026 is lowered to 2.3%, and inflation is raised to 3.1%. The eurozone growth forecast is cut, with inflation raised to 3.3%. The report emphasizes that the impact of the shocks is uneven.

U.S. President Trump reposted a report on April 12, saying he may take a maritime blockade strategy against Iran to apply pressure, which drew attention after negotiations broke down. Similar to the approach that previously succeeded in Venezuela, Trump intends to influence Iran’s oil exports by controlling the Strait of Hormuz, while two U.S. aircraft carrier strike groups have already been deployed. This move could reignite volatility in crude oil prices and geopolitical risks.