Recently, there have been some noteworthy changes on both the regulatory and market fronts. First, regarding regulation, the White House crypto advisor recently revealed that a compromise has been reached on the stability coin revenue disputes in the Clarity Act, and other obstacles are gradually being cleared, which is a positive signal for the entire industry. At the same time, negotiations between the US and Iran are progressing, possibly scheduled to take place in Islamabad on April 16. The easing of geopolitical tensions is indeed beneficial for risk assets.

Yesterday, Bitcoin spot ETF experienced net outflows of $291 million, with Fidelity’s FBTC seeing the largest outflow of up to $229 million, but BlackRock’s IBIT still had a net inflow of $34.7 million. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $94.51B, with a cumulative net inflow of $56.45B. From a capital perspective, there is still some divergence.

There are also many moves at the project level. Polymarket’s tracking tool PA Beacon has launched, allowing real-time monitoring of smart money and large transactions. As of April 14, it has captured 1,034 large transactions totaling $59.5 million. Circle’s founder confirmed that Arc Network will issue tokens for governance and incentives, gradually transitioning to PoS. Scroll also proposed dissolving the Security Council, transferring management rights to multi-signature addresses, with more resources allocated to product development.

Interestingly, Strategy spent $1 billion last week to buy 13,927 Bitcoin, at an average price of about $71,902, with total holdings surpassing 780k BTC. Bitmine is also increasing its holdings, adding 71,524 ETH last week, now holding over 4.87 million ETH, about 4% of Ethereum’s total supply. These large institutional holdings can reflect their market judgments.

Another noteworthy point is Hyperliquid, which created over $900 million in profit with only 11 employees, leading globally in per capita profitability. Strategy’s issuance of perpetual preferred stock STRC also hit a new daily trading volume high of $1.1 billion.

On the regulatory side, the US Department of Justice has initiated a compensation process for OneCoin victims, with over $40 million in confiscated assets available for compensation. This case involves losses exceeding $4 billion worldwide. The SEC also issued guidance on exemptions for custodial wallet interfaces, allowing providers to operate without broker-dealer status under certain conditions.

By the way, a detail is that smart trader 58bro.eth has accumulated profits of over $34 million, recently shorting Bitcoin and ETH, with a win rate of 91% over the past 8 months. Currently, he holds 175 BTC and 5,300 ETH. Sometimes, such data can give us some insights into market sentiment.

Overall, the regulatory environment is improving, and large institutions continue to deploy, but short-term capital flows are still volatile. Close attention should be paid to subsequent negotiations and regulatory developments.