DeepSeek input cache price reduction Iran submits ceasefire conditions to Pakistan

Headlines

▌DeepSeek Input Cache Price Cut

On April 26, according to DeepSeek’s official website, effective immediately, the price for cache hits across all DeepSeek model lines has been reduced to 1/10 of the launch price. The deepseek-v4-pro model is available at a limited-time price of 25% off, with the promotion period ending at 23:59 (Beijing Time) on 2026/05/05. After this price cut is combined with the limited-time promotion, input (cache hit) for the DeepSeek-V4-Pro model drops to 0.025 yuan per million tokens.

▌Iranian Foreign Minister Hands Ceasefire Terms to Pakistan

On April 26, according to Iran’s Tasnim News Agency, Iran’s Foreign Minister Araghchi went to Pakistan that day to hold consultations. In addition to talks on bilateral relations, Araghchi will hand over Iran’s conditions for ending the war to Pakistan. The conditions include implementing a new legal system in the Strait of Hormuz, obtaining compensation, ensuring that no further military aggression will be launched, lifting maritime blockades, and so on. The negotiation terms are unrelated to nuclear issues. (Xinhua News Agency)

Market

As of the time of publication, according to CoinGecko data:

BTC is at $78,542.85, up 1.1% over the past 24 hours;

ETH is at $2,369.62, up 2.2% over the past 24 hours;

BNB is at $635.58, up 1.0% over the past 24 hours;

SOL is at $86.88, up 0.9% over the past 24 hours;

DOGE is at $0.09928, up 1.3% over the past 24 hours;

XRP is at $1.43, up 0.5% over the past 24 hours;

TRX is at $0.3236, down 0.2% over the past 24 hours;

WLFI is at $0.0751, up 0.1% over the past 24 hours;

HYPE is at $42.50, up 2.5% over the past 24 hours.

Policy

▌Iran Proposes a Three-Phase Negotiation Plan to Resolve the Issue in Stages

On April 27, according to CCTV, sources from Iran said that Iran has conveyed a three-stage negotiation plan to the U.S. through intermediaries. The focus of the first stage of the negotiations is to completely end the war and to obtain guarantees to prevent the war from being restarted against Iran and Lebanon. If an agreement is reached in the first stage, the parties will move into the second stage, which will specifically study how the Strait of Hormuz should be managed. The third stage is related to discussions on nuclear issues, but before agreements are reached in the first two stages, Iran will never participate in nuclear negotiations.

▌Iranian Officials Say the US and Iran May Hold a Second Round of Talks in the Coming Days

Golden Finance reported that on April 26, local time on April 25, an Iranian diplomatic official said that Iran and U.S. delegations may hold a second round of negotiations in the coming days. It is understood that Iran has delivered information to the U.S., urging U.S. President Trump to reduce threatening remarks, and stating that if the U.S. stance moves toward a more conciliatory direction, hardliners in Iran will be more likely to support participation in the talks. (CCTV News)

▌Trump: I Don’t Think This Shooting Incident Is Related to Iran

On April 26, U.S. President Trump: (when asked whether the shooting incident is related to Iran) “I don’t think so.” (Jin10 )

▌Trump: The Iran War Will End Soon—The U.S. Will Win

According to foreign media reports on the 26th, when U.S. President Trump was interviewed by Fox News, he said he believes the Iran war will end soon and that the U.S. will achieve victory. If Iran wants to negotiate, it can call the U.S., and he hopes Iran will “be smart.”

▌Trump: Don’t Know Whether I Was the Target of the Shooter’s Attack

On April 27, U.S. President Trump, in an interview with CBS, when asked whether he was the target of the attack by the White House reporter-dinner attacker, said: “I don’t know. It sounds like he’s an extremist person. Based on what he wrote, he’s been through a lot. His brother/sister complained about him, and his sister/brother also felt dissatisfied with him. His family is very concerned about him. He’s very likely someone in a really bad mental state.” (Dongxin News)

Blockchain Applications

▌Law Firm Kessler Topaz Meltzer & Check LLP Announces It Has Filed a Securities Fraud Class Action Lawsuit Against Gemini

On April 27, the well-known U.S. securities litigation law firm Kessler Topaz Meltzer & Check LLP (www.ktmc.com) notified investors that a securities fraud class action lawsuit has been filed against Gemini Space Station Inc. (Gemini) (NASDAQ code: GEMI), on behalf of the following groups of investors: 1) investors who purchased or acquired Gemini Class A common stock based on, or traceable to, the registration statement and prospectus issued by the company around its IPO prior to September 12, 2025; and 2) investors who purchased or acquired Gemini securities between September 12, 2025 and February 17, 2026 (inclusive). The lawsuit has been submitted to the United States District Court for the Southern District of New York, with the case name Methvin v. Gemini Space Station, Inc., et al, case number 1:26-cv-02261 (S.D.N.Y.). Investors must apply to become the lead plaintiff by May 15, 2026.

▌SpaceX’s Artificial Intelligence Department Accounts for 61% of Its 2025 Capital Expenditure

On April 27, in 2025, among SpaceX’s $20.74 billion in capital expenditure, 61% came from its artificial intelligence department.

▌NVIDIA Investigation Finds 64% of Companies Are Actively Using AI in Their Operations

On April 27, according to Cointelegraph, an NVIDIA survey shows that 64% of companies are actively using AI in their operations.

Cryptocurrencies

▌JPMorgan Executive: Tokenization Will Change ETFs and the Entire Fund Industry, But It Will Still Take Years Before Good Use Cases Emerge

On April 26, Ciarán Fitzpatrick, Global Head of ETF Product at JPMorgan Securities Services, said: “We believe tokenization will definitely drive change in the market—not only for ETFs, but also for the entire fund industry.” Ciarán Fitzpatrick pointed out that given the many potential benefits of tokenization, such as easier subscription and redemption, “near-instant settlement,” and uninterrupted access, experiments with ETF tokenization are still ongoing. He added: “I think tokenization will become part of the ETF ecosystem, but it will take a few years before we truly see some good practical use cases.”

▌Michael Saylor Publishes Information Related to Bitcoin Tracker

On April 26, Strategy founder Michael Saylor once again posted information related to Bitcoin Tracker, captioning: “The ₿eat Goes On.”. Following the earlier pattern, Strategy always discloses information about increased Bitcoin holdings on the second day after related news is released.

▌Coinbase’s Bitcoin Premium Index Has Been Positive for 18 Consecutive Days

On April 26, according to data from Coinglass, Coinbase’s Bitcoin premium index has been positive for 18 consecutive days, currently at 0.0336%. U.S. market buy-side sentiment continues to warm up; it had previously been in negative premium for 15 consecutive days.

▌Arkham: Ethereum Foundation Unstakes 48.9 Million ETH Worth, Market Watches Whether It Will Sell Further

On April 26, on the X platform, on-chain analytics platform Arkham posted that the Ethereum Foundation has unstaked ETH worth approximately $48.9 million. Tracking data shows that the Ethereum Foundation has deposited WSTETH into Lido’s unstETH contract, and after the unlocking process is completed, it will receive the corresponding ETH. The market’s focus is whether the ETH the Ethereum Foundation has just unstaked will be sold further. Previously, the Ethereum Foundation has sold ETH multiple times to manage operating funds, which has led to ongoing market attention on potential sell pressure.

▌Latest Progress on DeFi United Ecosystem Rescue: Designated Donation Addresses Have Now Raised Over 100,000 ETH

On April 26, the DeFi United ecosystem rescue action led by Aave continued to move forward. The Arbitrum DAO released 30,765 ETH that had been frozen after the April 18 rsETH incident. As of now, the designated donation addresses have accumulated 100,360 ETH in total, to address the collateral asset shortfall caused by the April 18 rsETH incident. The plan aims to restore the backing assets for rsETH through multi-party collaboration, stabilize the market, and prevent bad debt from spreading across protocols. The funds will be used to support the recovery of the collateral ratio and, together with relevant protocols, gradually advance market normalization. Current major commitments or participants include: the Arbitrum DAO releasing 30,765 ETH frozen after the April 18 rsETH incident; Mantle’s proposed contribution of 30,000 ETH; Aave DAO’s proposed contribution of 25,000 ETH; Aave founder Stani Kulechov’s confirmation to provide 5,000 ETH; EtherFi’s proposed provision of 5,000 ETH; Lido’s provision of 2,500 stETH; and Golem Foundation and related projects totaling 1,000 ETH, among others. In addition, LayerZero, Ethena, Frax Finance, Ink Foundation, and others have also confirmed participation, but the specific amounts have not yet been disclosed. It should be noted that this rescue progress still depends on several external key conditions, including KelpDAO restoring rsETH redemption and the Arbitrum security committee releasing frozen assets; therefore, the overall recovery timeline and impact remain uncertain.

▌Eric Trump: American Bitcoin Will Expand Its Bitcoin Investment at an Institutional Scale

On April 27, American Bitcoin’s stock price rose 13%. Earlier, the company’s mining farm in Drumheller this week started using 11,298 mining machines. The expansion added new capacity of 3.05 EH/s, bringing total capacity to 28.1 EH/s. Eric Trump said the company is adopting a “rigorous” capital allocation strategy, aiming to expand its Bitcoin investment at an institutional scale.

▌Scallop Loses About 150,000 SUI Due to an sSUI Rewards Pool Vulnerability

On April 26, Sui ecosystem lending protocol Scallop announced that it discovered a vulnerability in an affiliated contract related to Scallop’s sSUI rewards pool, resulting in a loss of about 150,000 SUI, worth nearly $150,000. The affected contract has been frozen. Scallop said the core contract is still secure; only the sSUI rewards pool is affected, and all other rewards pools are safe. Scallop will bear 100% of the loss in full and will release further updates as soon as possible.

Major Economic Developments

▌Senator Tillis Agrees to Advance Waller’s Fed Chair Nomination; the Probability of Confirmation Rises to 93% by May 15

On April 26, Senator Tom Tillis (Thom Tillis), who had previously clearly said he would block the confirmation of Waller’s nomination as Fed chair, made a concession and is ready to move forward with the Senate confirmation process. Tillis had previously taken a hard-line stance: as long as the Department of Justice does not stop its investigation into Powell, he will not pass Waller’s nomination. However, on April 24, Washington, D.C. prosecutors Pyro said they would stop the investigation into Fed Chairman Powell’s Fed building costs. Tillis’s concession paves the way for the confirmation of Kevin Waller as Fed chair. According to PolyBeats monitoring, the probability on Polymarket that “Waller is ultimately confirmed as Fed chair” has increased, and the probability of confirmation by May 15 has risen to 93%.

▌Iranian Senior Official: Ships Passing Through the Strait of Hormuz Must Pay Fees

On April 26, Aziz, chairman of Iran’s Islamic Parliament National Security and Foreign Policy Committee, said in an interview that all ships hoping to pass through the Strait of Hormuz must pay fees. He also said that the Strait of Hormuz has become one of Iran’s important pillars of strength. (CCTV News)

▌Iranian Spokesperson: Pakistan Lacks Credibility Required for Mediation

On April 27, Ibrahin Rezaei, spokesperson for Iran’s parliamentary National Security Committee: Pakistan lacks the public credibility required to carry out mediation. When formulating its position, Islamabad has always prioritized the interests of the U.S. President. Pakistan is unwilling to acknowledge that the U.S. has withdrawn the relevant proposal it previously put forward.

▌Kuo: Cook Plans to Transfer the Foldable iPhone Product Line to His Successor John Ternus

On April 27, tech journalist Mark Gurman said in his latest article that Apple’s incoming CEO John Ternus will officially take office on September 1 and will subsequently release its first foldable iPhone. This arrangement is intended to establish Ternus as the spokesperson for this product line. The device will focus on durability and micro-fold creasing technology, and is expected to be priced above $2,000. In addition to the phone, Cook will also leave behind about 10 new product R&D pipelines, including AI smart home, AR glasses, and touch-screen Macs, to help Apple drive an unprecedented product expansion cycle during his new term.

▌Probability the Federal Reserve Keeps Rates Unchanged This Week Is 100%

On April 27, according to CME “FedWatch”: the probability that the Federal Reserve will keep rates unchanged in April is 100%. The probability of a total 25-basis-point rate cut from now to June is 4.7%, while the probability of keeping rates unchanged is 95.3%.

Golden Knowledge

▌Under Geopolitical Crisis, Can Bitcoin Still Be Called “Digital Gold”?

Each time a geopolitical crisis hits, gold prices rise while bitcoin prices plummet. After six tests, the claim that bitcoin is “digital gold” has never been validated by data. Countries hoard gold but exclude bitcoin from reserves. For investors, bitcoin has asymmetry: it moves with stocks when they fall, but it does not move with stocks when they rise. Three structural asymmetries prevent bitcoin from gaining a safe-haven status: derivatives oversupply (market structure), dominance of leveraged traders (participant composition), and lack of repeated behavioral track records (behavioral accumulation).

Bitcoin is not a safe-haven asset, but it is an “asset useful in times of crisis,” and it can indeed play a role when borders close and banks fail. If these three asymmetries shrink, bitcoin may no longer be a replica of gold, but instead become a brand-new “next-generation gold.” Generational change and the widespread adoption of algorithms are key factors that could accelerate this process.