Crypto Daily ( 04.20 ): Geopolitical Risks Disrupt Bitcoin Prices, Institutional Accumulation, and Regulatory Case Developments

1. Bitcoin Price and Market Volatility
1. Due to changes in the geopolitical situation in the Strait of Hormuz, Bitcoin prices have recently experienced significant fluctuations, generally oscillating between $73k and $78k, with market sentiment rapidly shifting alongside the situation.
2. Currently, Bitcoin is forming a standoff at the key levels of $75k to $80k, with institutional bullish expectations and high-leverage short positions competing, leading to a noticeable increase in short-term volatility.
3. Third-party data indicates that breaking through or falling below key price levels could trigger large-scale liquidations on mainstream centralized exchanges (CEX), with the maximum liquidation scale reaching up to $73k.
2. Bitcoin Institutional and Large Holder Holdings Trends
1. The supply held by long-term Bitcoin holders increased from 5.26 million BTC in January to 8.32 million BTC in April. Large holder deposits have recently hit a new high since July 2024, showing a clear long-term holding trend.
2. Michael Saylor, founder of U.S. Strategy Inc., has repeatedly signaled a bullish outlook on Bitcoin. Market expectations suggest the company will increase holdings again. As of the latest disclosure, the company holds 780,897 BTC, with an average acquisition cost of approximately $75,577 per BTC.
3. U.S. Congress members disclosed that their spouses purchased shares in the BlackRock Bitcoin Trust ETF. Currently, the U.S. Senate is reviewing legislation that would require the Treasury Department to acquire 1 million BTC within five years.
4. Former UK Prime Minister Liz Truss publicly stated that Bitcoin will become a key component of the UK's counter-revolution.
3. Bitcoin Mining and Network Dynamics
1. In April 2026, the Bitcoin network completed a difficulty adjustment, with difficulty decreasing by 2.43% to 135.59 trillion, easing mining conditions. The hash price increased by 13.65%, boosting miner revenues in the short term. The total network hash rate has now surpassed 1 ZH/s.
2. Bitcoin miner NYDIG is negotiating to acquire an idle aluminum smelting plant in New York for expanding mining operations. The plant has cheap hydroelectric power and existing infrastructure. The deal is expected to close by mid-2026. NYDIG remains focused on Bitcoin mining and has been continuously expanding its mining capacity in recent years.
4. Cryptocurrency Regulation and Policy Developments
1. A federal judge in Los Angeles dismissed a securities lawsuit against Caitlyn Jenner’s meme coin, ruling that the token does not meet the Howey Test’s “common enterprise” requirement, providing a precedent for meme coin securities classification.
2. CoinDesk will hold its Consensus Policy Summit in May, focusing on key policy issues in the U.S. crypto industry, including market structure legislation, tax reform, DeFi regulation, and prediction market oversight. The U.S. OFAC’s historical sanctions list involves 518 Bitcoin addresses, currently holding about 9,306 BTC. Legislation is being considered to further expand the U.S. Treasury Department’s crypto regulatory authority.
5. Ethereum and Other Crypto Asset Dynamics
1. On-chain data shows that Ethereum’s long-term exchange net flow remains low, with investors continuously withdrawing tokens from exchanges for long-term holding, currently in an accumulation phase, which is believed to likely trigger a new upward trend.
2. Mining company Bitmine Immersion Technologies has completed a business transformation and now holds approximately 4.87 million ETH, becoming the third-largest crypto holding globally. It is regarded as an alternative investment option to Ethereum ETFs.