Global TradFi & Macroeconomics

Gate News message: On April 12, U.S. President Trump reposted an article with the headline "If Iran Doesn’t Capitulate, the President Holds a 'Trump Ace': A Naval Blockade" and copied and posted that headline. The article states that if Iran refuses to accept the final agreement proposed by the United States on Saturday, Trump can choose to blow Iran back to the "Stone Age," as he vowed, or once again adopt the naval blockade strategy that had previously been successfully implemented in Venezuela.

The U.S. vice president, Vance, did not reach an agreement in the US-Iran negotiations held in Islamabad. The core dispute is that Iran refused the U.S. demand for a nuclear weapons commitment. The breakdown of the talks has increased geopolitical risk, affecting financial markets—especially crude oil and Bitcoin prices. Even though the negotiations were unsuccessful, both sides may still continue discussions, and the market will watch for further developments.

Morgan Stanley’s head of digital asset strategy, Amy Oldenburg, said the firm will expand its cryptocurrency allocation, including bitcoin ETFs and tokenized assets. The plan is to explore crypto tax harvesting through its subsidiary, Parametric, while it has already launched a spot bitcoin ETF and plans to offer crypto trading services. This move shows that Wall Street’s stance toward the crypto market has changed significantly.

Gate News message. On April 12, according to on-chain data monitoring, Sky (formerly MakerDAO) co-founder Rune’s 7x leveraged Nasdaq 100 short positions have all been closed. He currently still holds 20x leveraged WTI crude oil futures long positions, 7x leveraged Brent crude oil long positions, and 20x leveraged S&P 500 short positions, and all of them are in a loss position. His overall position value has now fallen to about $680k, with an unrealized loss of about $60k, and the return on investment is -21.78%.

The Ether Machine treasury company, The Ether Machine, and Dynamix Corporation’s $1.6 billion SPAC merger agreement was terminated due to unfavorable market conditions. The merger aimed to list The Ether Machine on Nasdaq; after the termination, Dynamix will receive a $50 million termination fee.

President Javier Milei reveals that Argentina's dollarization efforts face resistance from citizens who prefer using the peso. Despite allowing currency competition, adoption remains low, complicating Milei's economic reforms.

Bitmine Immersion Technologies has uplisted to the New York Stock Exchange and increased its share buyback from $1 billion to $4 billion. The company now holds approximately 4.8 million ETH, nearing its goal of 5% of the total supply, amid a challenging stock performance.

Morgan Stanley’s head of digital asset strategy, Amy Oldenburg, said the firm will treat tokenized money market funds as a future direction, while also considering tax-loss harvesting services and Bitcoin-related products. The firm has filed ETF applications for Ethereum and Solana, and manages $9.3 trillion in client assets.

Spot ETFs tied to Bitcoin saw a significant inflow of $240 million, indicating strong institutional demand and reflecting a trend of consistent accumulation. With over 721,000 BTC held by ETFs, supply pressure is rising, fundamentally supporting Bitcoin's integration into traditional finance.

Iran-U.S. third round of talks in Pakistan has ended. Iran says this is the “last chance” to reach a framework agreement. There are significant differences between the two sides on core issues such as the Strait of Hormuz and the nuclear issue, and no substantive progress has been made. The negotiations are still ongoing; the situation is complex, and both military actions and diplomatic games are escalating in parallel.

Central banks are now holding more gold reserves than valuation-adjusted US dollar reserves for the first time, with a $140 billion gap favoring gold. This shift reflects growing geopolitical concerns and the unreliability of dollar reserves, as central banks increasingly prefer gold amidst uncertainty.

Gate News update: On April 12, according to Alternative Data, today’s Crypto Fear and Greed Index is 16 (15 yesterday), and market panic sentiment has eased slightly. The index runs on a threshold of 0-100 and is calculated from six indicators: volatility (25%), market trading volume (25%), social media buzz (15%), market survey (15%), Bitcoin’s share of the entire market (10%), and Google keyword trend analysis (10%).

Gate News update, April 12, Bloomberg ETF analyst Eric Balchunas disclosed that Bitwise has once again updated its Hyperliquid ETF application filings. The trading symbol is set to BHYP, and the management fee is 67 basis points (0.67%). Eric Balchunas said that this move typically means the ETF will be launched soon.

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

An Iran-U.S. peace negotiation is about to begin. The Iranian delegation consists of 71 people and is led by Speaker Kalibaf; the U.S. side has a 300-person delegation, mainly security and guard personnel. The two sides’ lineup differences are significant, and the negotiations will touch on sensitive issues such as economic sanctions and nuclear facilities.

Bitcoin treasury firm Nakamoto is seeking shareholder approval for a reverse stock split to meet Nasdaq listing requirements. The move follows a steep share price decline and mounting pressure on its business model. Key Takeaways Nakamoto stock currently trades at $0.21, as the company seeks a r

CNN reported that a security source in Iran said the Strait of Hormuz will continue to be blocked before Iran and the United States reach a negotiated joint framework, because the U.S. side has put forward excessive demands. Iran emphasized that it is not in a hurry to take action; things will remain as they are, and the number of ship passages also cannot be realized.

Canary Capital has filed for a spot PEPE ETF with the SEC, aiming to directly hold PEPE tokens while possibly keeping 5% in Ether for fees. This move reflects growing interest in meme coins, despite PEPE's significant decline in value.

Bitmine Immersion Technologies（BMNR）successfully moved to the New York Stock Exchange main board on Thursday. Chairman Tom Lee said this is an important milestone. The company also increased its share repurchase program authorization to $4 billion, yet the stock price still faces challenges, having fallen by about 90% since last year’s peak. Bitmine holds about 4.8 million ether, and its future performance will be influenced by the broader economy and geopolitics, especially as market risk appetite rises and the cryptocurrency market is expected to benefit.