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On April 6, data showed that on-chain perpetual contract (Perp) trading has been cooling off after peaking in 2025. According to DefiLlama data, the trading volume of perpetual contracts on decentralized exchanges (DEX) dropped to approximately $699 billion in March 2026, a significant decline from the peak of $1.36 trillion in October 2025, marking a continuous decrease for five months. Daily data also weakened, with on-chain Perp DEX trading volume falling to $8.4 billion on April 4, the first time it has dipped below $10 billion since September 2025, and reaching the lowest level since July 2025, indicating a notable cooling in market speculation and leverage demand. In terms of platform dynamics, Hyperliquid remains the clear leader, with a trading volume of approximately $185.5 billion over the past 30 days, accounting for about 34% of the total volume of the top ten platforms; followed by edgeX and Aster, with approximately $73 billion and $68 billion, respectively. Analysts believe that Perp DEX trading volume is often seen as an important indicator of market risk appetite and leverage levels. This ongoing decline reflects that after experiencing rapid growth in 2025, the on-chain derivatives market is entering a phase of adjustment, with liquidity further concentrating on leading platforms.

[On-Chain Perpetual Contract Trading Cools: DEX Volume Declines for Five Consecutive Months]On April 6, data showed that on-chain perpetual contract (Perp) trading has been cooling off after peaking in 2025. According to DefiLlama data, the trading volume of perpetual contracts on decentralized exchanges (DEX) dropped to approximately $699 billion in March 2026, a significant decline from the peak of $1.36 trillion in October 2025, marking a continuous decrease for five months. Daily data also weakened, with on-chain Perp DEX trading volume falling to $8.4 billion on April 4, the first time it has dipped below $10 billion since September 2025, and reaching the lowest level since July 2025, indicating a notable cooling in market speculation and leverage demand. In terms of platform dynamics, Hyperliquid remains the clear leader, with a trading volume of approximately $185.5 billion over the past 30 days, accounting for about 34% of the total volume of the top ten platforms; followed by edgeX and Aster, with approximately $73 billion and $68 billion, respectively. Analysts believe that Perp DEX trading volume is often seen as an important indicator of market risk appetite and leverage levels. This ongoing decline reflects that after experiencing rapid growth in 2025, the on-chain derivatives market is entering a phase of adjustment, with liquidity further concentrating on leading platforms.

On-Chain Perpetual Contract Trading Cools: DEX Volume Declines for Five Consecutive Months

On April 6, Li Zixin, an assistant researcher at the China Institute of International Studies, stated that while the possibility of a temporary ceasefire between the U.S. and Iran is not nonexistent, it is indeed fraught with difficulties. Even if a ceasefire is achieved, it is more likely to be a stopgap measure rather than a reliable path toward a permanent ceasefire. Firstly, the core demands of both sides are difficult to reconcile. Iran views control over the Strait of Hormuz and its stockpile of 60% enriched uranium as key strategic bargaining chips and has made it clear that it will not abandon these fundamental interests for a short-term ceasefire. Meanwhile, the U.S. demands that Iran reopen the strait and manage its nuclear materials, essentially asking Iran to make unilateral concessions and temporarily set aside its core interests, which touches upon Iran's sovereignty and security bottom line. Secondly, the trust foundation for negotiations is very weak. Although Iran acknowledges exchanging relevant information with the U.S. through friendly countries, it denies engaging in direct negotiations. U.S. President Trump sends mixed signals by signaling negotiations while simultaneously issuing military strike 'ultimatums.' This approach of negotiating while applying pressure is more akin to a strategy of extreme pressure and testing the other side's willingness to compromise, rather than genuinely seeking reconciliation.

[Challenges Facing a Temporary Ceasefire Between the U.S. and Iran]On April 6, Li Zixin, an assistant researcher at the China Institute of International Studies, stated that while the possibility of a temporary ceasefire between the U.S. and Iran is not nonexistent, it is indeed fraught with difficulties. Even if a ceasefire is achieved, it is more likely to be a stopgap measure rather than a reliable path toward a permanent ceasefire. Firstly, the core demands of both sides are difficult to reconcile. Iran views control over the Strait of Hormuz and its stockpile of 60% enriched uranium as key strategic bargaining chips and has made it clear that it will not abandon these fundamental interests for a short-term ceasefire. Meanwhile, the U.S. demands that Iran reopen the strait and manage its nuclear materials, essentially asking Iran to make unilateral concessions and temporarily set aside its core interests, which touches upon Iran's sovereignty and security bottom line. Secondly, the trust foundation for negotiations is very weak. Although Iran acknowledges exchanging relevant information with the U.S. through friendly countries, it denies engaging in direct negotiations. U.S. President Trump sends mixed signals by signaling negotiations while simultaneously issuing military strike 'ultimatums.' This approach of negotiating while applying pressure is more akin to a strategy of extreme pressure and testing the other side's willingness to compromise, rather than genuinely seeking reconciliation.

Challenges Facing a Temporary Ceasefire Between the U.S. and Iran

On April 6, BlackRock is setting its sights on a long-standing segment of the $13.7 trillion U.S. ETF market that has been dominated by Invesco: tracking the Nasdaq 100 Index. According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, the iShares Nasdaq 100 ETF will track this index, with the trading symbol IQQ. If launched, IQQ will become one of the few U.S.-listed ETFs specifically tracking the Nasdaq 100 Index and the first of its kind not managed by Invesco. Since the Nasdaq Exchange introduced the index in 1985, it has been cautious in granting usage rights. Although there are ETF products in the U.S. market that overlay Nasdaq 100 components through derivatives, Invesco has nearly monopolized the market for pure Nasdaq 100 Index ETFs. This collaboration has given rise to the Invesco QQQ Trust Series 1 (symbol QQQ), which has a size of $374 billion, making it one of the largest ETFs globally, as well as the Invesco Nasdaq 100 ETF (QQQM), which has a size of $70 billion.

[BlackRock Plans to Launch Nasdaq 100 ETF to Challenge Invesco's Dominance]On April 6, BlackRock is setting its sights on a long-standing segment of the $13.7 trillion U.S. ETF market that has been dominated by Invesco: tracking the Nasdaq 100 Index. According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, the iShares Nasdaq 100 ETF will track this index, with the trading symbol IQQ. If launched, IQQ will become one of the few U.S.-listed ETFs specifically tracking the Nasdaq 100 Index and the first of its kind not managed by Invesco. Since the Nasdaq Exchange introduced the index in 1985, it has been cautious in granting usage rights. Although there are ETF products in the U.S. market that overlay Nasdaq 100 components through derivatives, Invesco has nearly monopolized the market for pure Nasdaq 100 Index ETFs. This collaboration has given rise to the Invesco QQQ Trust Series 1 (symbol QQQ), which has a size of $374 billion, making it one of the largest ETFs globally, as well as the Invesco Nasdaq 100 ETF (QQQM), which has a size of $70 billion.

BlackRock Plans to Launch Nasdaq 100 ETF to Challenge Invesco's Dominance

On April 6, during a press conference, Iranian Foreign Ministry spokesman Baghaei responded to questions regarding the US operation to rescue its pilot on April 5, stating that it constitutes a violation of Iranian airspace and raises many doubts. The area where the US pilot was reportedly located is in Kohgiluyeh and Boyer-Ahmad Province, while the area where the US conducted the rescue operation is in central Iran, making the two locations quite distant. Baghaei emphasized that this US operation could be a 'cover operation' aimed at stealing enriched uranium, and this possibility should not be overlooked. He described the operation as a 'disastrous scandal' for the United States. (CCTV News)

[Iranian Foreign Ministry Spokesman: US Rescue Operation for Pilot May Be a Cover for Uranium Theft]On April 6, during a press conference, Iranian Foreign Ministry spokesman Baghaei responded to questions regarding the US operation to rescue its pilot on April 5, stating that it constitutes a violation of Iranian airspace and raises many doubts. The area where the US pilot was reportedly located is in Kohgiluyeh and Boyer-Ahmad Province, while the area where the US conducted the rescue operation is in central Iran, making the two locations quite distant. Baghaei emphasized that this US operation could be a 'cover operation' aimed at stealing enriched uranium, and this possibility should not be overlooked. He described the operation as a 'disastrous scandal' for the United States. (CCTV News)

Iranian Foreign Ministry Spokesman: US Rescue Operation for Pilot May Be a Cover for Uranium Theft

On April 6, Strategy officially disclosed that last week it purchased 4,871 BTC at an average price of approximately $67,718, with a total expenditure of about $329.9 million. As of 2026, Strategy has accumulated a total of 766,970 BTC, with a total holding cost of approximately $58.02 billion, resulting in an average price of about $75,644 per coin.

[Strategy Increases BTC Holdings by 4,871 Last Week, Total Holdings Exceed 766,000]On April 6, Strategy officially disclosed that last week it purchased 4,871 BTC at an average price of approximately $67,718, with a total expenditure of about $329.9 million. As of 2026, Strategy has accumulated a total of 766,970 BTC, with a total holding cost of approximately $58.02 billion, resulting in an average price of about $75,644 per coin.

Strategy Increases BTC Holdings by 4,871 Last Week, Total Holdings Exceed 766,000

On April 6, BlackRock is setting its sights on a long-dominated segment of the $13.7 trillion U.S. ETF market: tracking the Nasdaq 100 Index, which has been primarily led by Invesco. According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, the iShares Nasdaq 100 ETF will track this index, with the trading symbol IQQ. If launched, IQQ will become one of the few U.S.-listed ETFs specifically tracking the Nasdaq 100 Index and the first of its kind not managed by Invesco. Since the Nasdaq Exchange introduced the index in 1985, it has been cautious in granting authorization for its use. While there are ETF products in the U.S. market that overlay Nasdaq 100 components through derivatives, Invesco has nearly monopolized the market for pure Nasdaq 100 Index ETFs. This partnership has led to the creation of the Invesco QQQ Trust (Series 1), with a size of $374 billion, making it one of the largest ETFs globally, alongside the Invesco Nasdaq 100 ETF, which has a size of $70 billion.

[BlackRock Plans to Launch Nasdaq 100 ETF, Challenging Invesco's Dominance]On April 6, BlackRock is setting its sights on a long-dominated segment of the $13.7 trillion U.S. ETF market: tracking the Nasdaq 100 Index, which has been primarily led by Invesco. According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, the iShares Nasdaq 100 ETF will track this index, with the trading symbol IQQ. If launched, IQQ will become one of the few U.S.-listed ETFs specifically tracking the Nasdaq 100 Index and the first of its kind not managed by Invesco. Since the Nasdaq Exchange introduced the index in 1985, it has been cautious in granting authorization for its use. While there are ETF products in the U.S. market that overlay Nasdaq 100 components through derivatives, Invesco has nearly monopolized the market for pure Nasdaq 100 Index ETFs. This partnership has led to the creation of the Invesco QQQ Trust (Series 1), with a size of $374 billion, making it one of the largest ETFs globally, alongside the Invesco Nasdaq 100 ETF, which has a size of $70 billion.

BlackRock Plans to Launch Nasdaq 100 ETF, Challenging Invesco's Dominance

On April 6, Li Zixin, an assistant researcher at the China Institute of International Studies, stated that while the possibility of the U.S. and Iran reaching a temporary ceasefire is not nonexistent, it is indeed fraught with difficulties. Even if a ceasefire is achieved, it is more likely to be a stopgap measure rather than a reliable path toward a permanent ceasefire. Firstly, the core demands of both sides are fundamentally irreconcilable. Iran views control over the Strait of Hormuz and its stockpile of 60% enriched uranium as key strategic bargaining chips in negotiations and has made it clear that it will not abandon these fundamental interests for a short-term ceasefire. On the other hand, the U.S. demands that Iran reopen the strait and address nuclear materials, essentially asking Iran to make unilateral concessions and temporarily suspend its core interests in exchange for these demands, which touches upon Iran's sovereignty and security bottom line. Secondly, the trust foundation for negotiations is extremely weak. Although Iran acknowledges that it has exchanged relevant information with the U.S. through friendly countries, it denies engaging in direct negotiations. Meanwhile, U.S. President Trump sends mixed signals by indicating a willingness to negotiate while simultaneously issuing military strike 'ultimatums.' This approach of negotiating while applying pressure is more akin to a strategy of maximum pressure and testing the other side's willingness to compromise, rather than genuinely seeking reconciliation.

[Opinion: Multiple Realistic Obstacles to a Temporary Ceasefire Between the U.S. and Iran]On April 6, Li Zixin, an assistant researcher at the China Institute of International Studies, stated that while the possibility of the U.S. and Iran reaching a temporary ceasefire is not nonexistent, it is indeed fraught with difficulties. Even if a ceasefire is achieved, it is more likely to be a stopgap measure rather than a reliable path toward a permanent ceasefire. Firstly, the core demands of both sides are fundamentally irreconcilable. Iran views control over the Strait of Hormuz and its stockpile of 60% enriched uranium as key strategic bargaining chips in negotiations and has made it clear that it will not abandon these fundamental interests for a short-term ceasefire. On the other hand, the U.S. demands that Iran reopen the strait and address nuclear materials, essentially asking Iran to make unilateral concessions and temporarily suspend its core interests in exchange for these demands, which touches upon Iran's sovereignty and security bottom line. Secondly, the trust foundation for negotiations is extremely weak. Although Iran acknowledges that it has exchanged relevant information with the U.S. through friendly countries, it denies engaging in direct negotiations. Meanwhile, U.S. President Trump sends mixed signals by indicating a willingness to negotiate while simultaneously issuing military strike 'ultimatums.' This approach of negotiating while applying pressure is more akin to a strategy of maximum pressure and testing the other side's willingness to compromise, rather than genuinely seeking reconciliation.

Opinion: Multiple Realistic Obstacles to a Temporary Ceasefire Between the U.S. and Iran

On April 6, foreign media reported that the traffic in the Strait of Hormuz has risen to its highest level since the onset of the Middle East conflict, as more countries have reached security passage agreements with Iran. Over the weekend, a total of 21 vessels transited the waterway, marking the highest two-day total since traffic began to decline in early March. Although the current number of passing vessels remains far below pre-war levels (approximately 135 vessels), more countries have obtained passage permits. Senior crude oil analyst at Singapore's Kpler stated, "Iran is strengthening its control over the Strait of Hormuz while responding to requests from its partner countries. Passage still depends on Iran's willingness, and the situation could change at any moment if conflicts escalate." So far, most of the vessels granted passage appear to be following routes directed by Tehran, sailing close to the Iranian coast. However, more vessels are also beginning to choose routes along the opposite shore.

[Shipping Traffic in the Strait of Hormuz Reaches Highest Level Since Early March]On April 6, foreign media reported that the traffic in the Strait of Hormuz has risen to its highest level since the onset of the Middle East conflict, as more countries have reached security passage agreements with Iran. Over the weekend, a total of 21 vessels transited the waterway, marking the highest two-day total since traffic began to decline in early March. Although the current number of passing vessels remains far below pre-war levels (approximately 135 vessels), more countries have obtained passage permits. Senior crude oil analyst at Singapore's Kpler stated, "Iran is strengthening its control over the Strait of Hormuz while responding to requests from its partner countries. Passage still depends on Iran's willingness, and the situation could change at any moment if conflicts escalate." So far, most of the vessels granted passage appear to be following routes directed by Tehran, sailing close to the Iranian coast. However, more vessels are also beginning to choose routes along the opposite shore.

Shipping Traffic in the Strait of Hormuz Reaches Highest Level Since Early March

On April 6, an independent Bitcoin miner using small-scale equipment successfully mined a complete block three days ago, earning a reward of 3.139 BTC, valued at approximately $210,000. According to estimates, with the current hash rate, it would theoretically take about 76 years on average to mine a block, making this a very low probability event. (Bitcoin Archive)

[Independent Bitcoin Miner Uncovers Block 943411, Secures 3.139 BTC Reward]On April 6, an independent Bitcoin miner using small-scale equipment successfully mined a complete block three days ago, earning a reward of 3.139 BTC, valued at approximately $210,000. According to estimates, with the current hash rate, it would theoretically take about 76 years on average to mine a block, making this a very low probability event. (Bitcoin Archive)

Independent Bitcoin Miner Uncovers Block 943411, Secures 3.139 BTC Reward

According to TheBlock, Nomura's new crypto trading unit, called Laser Digital, plans to pause its hiring plans while it focuses on rolling out its first products.
The Switzerland-based operation is creating bitcoin and ether-focused crypto funds and exchange-traded fund products — and hopes to gain regulatory approval for the first one by mid-2023.
The team has around 50 people, including 10 joining in the coming months. Laser Digital, which is segregated from the rest of the Japanese bank, recently reviewed staff numbers and decided that an earlier target of 100 hires was no longer appropriate, co-founder Jez Mohideen told The Block.
Expanding the headcount depends on whether ''the market is in a healthy shape,'' he said.

Detail

【Nomura's crypto hiring slows, aims for first product by mid-2023】According to TheBlock, Nomura's new crypto trading unit, called Laser Digital, plans to pause its hiring plans while it focuses on rolling out its first products.
The Switzerland-based operation is creating bitcoin and ether-focused crypto funds and exchange-traded fund products — and hopes to gain regulatory approval for the first one by mid-2023.
The team has around 50 people, including 10 joining in the coming months. Laser Digital, which is segregated from the rest of the Japanese bank, recently reviewed staff numbers and decided that an earlier target of 100 hires was no longer appropriate, co-founder Jez Mohideen told The Block.
Expanding the headcount depends on whether ''the market is in a healthy shape,'' he said.

Nomura's crypto hiring slows, aims for first product by mid-2023

Article

Iran Launches 96th Wave of Strikes Against US and Israel

Trump Announces Strikes on Iranian Power Plants and Bridges on Tuesday

Trump: Successful Rescue of F-15 Pilot, Press Conference on Monday

OPEC Warns High Costs and Long Repairs for Energy Facilities Will Impact Crude Oil Supply

Trump: Conflict with Iran Should End Within Days

Nomura's crypto hiring slows, aims for first product by mid-2023

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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