Today's Key News:
Trump Says Iran's Deadline to Open Strait of Hormuz is 8 AM on April 8
US Media: US-Iran Mediators Make Final Push for 45-Day Ceasefire
James Wynn's BTC Short Position Liquidated, $100M Account Now Holds Only $900
Insider Reveals Content of US-Iran Ceasefire Proposal
Regulation & Macro
Iran Comments on US "Victory"
Speaker of the Iranian Parliament, Mohammad Bagher Ghalibaf, posted a photo of aircraft wreckage on social media, commenting that if the US achieves more such "victories," it will be "completely destroyed." Ghalibaf wrote: "If the US achieves 3 more such victories, it will be completely destroyed." Iranian media outlets like ISNA had previously published the same photo, stating it showed the wreckage of a US military aircraft involved in rescue operations. Ghalibaf's post is seen as mocking US President Trump's claims of an "imaginary victory."
White House Denies Rumors of Trump's Serious Illness and Hospitalization
In response to rumors about Trump being seriously ill and hospitalized, White House Communications Director Steven Cheung posted a denial, stating Trump has been working nonstop at the White House and the Oval Office. The White House responded to online speculation via its official account, stating that President Trump has never actually stopped working and angrily denouncing the accounts spreading the rumors as "complete idiots." On April 4, Trump's schedule suddenly listed only "Executive Time," and the White House announced the media term "lid" that morning, which social media users interpreted as potential evidence he was taken to Walter Reed Hospital for treatment.
Iranian Official Sets Condition for Opening Strait of Hormuz: Compensate Iran's War Losses with Transit Fees First
Mehdi Tabatabaei, Deputy Head of the Iranian Presidential Office for News and Communications, made stern remarks regarding the regional situation and transit through the Strait of Hormuz, launching a fierce criticism of US President Trump and his policies. Regarding control of the Strait of Hormuz, Tabatabaei stated that it would only be fully reopened after establishing a new legal regime and using transit fee revenues to compensate Iran for all losses suffered in past wars.
US Media: Trump Says "Deep Negotiations" with Iran, Were Close to Direct Talks at One Point
US President Trump stated in a telephone interview that the US is engaged in "deep negotiations" with Iran and expects to reach an agreement before the Tuesday deadline. He said: "The chance of a deal is very high, but if they don't make a deal, I will destroy everything there." Trump also stated that his envoys, Witkowf and Kushner, are engaged in intensive negotiations with the Iranian side, communicating through intermediaries and also via text messages. Days ago, the two sides were close to an agreement to hold direct talks, but Iran suggested meeting again in five days, leading Trump to attack that bridge.
Trump Says Iran's Deadline to Open Strait of Hormuz is 8 AM on April 8
US President Trump threatened to strike Iranian energy facilities if the Strait of Hormuz is not reopened. Affected by this, oil prices opened higher, with US crude rising 1.3% to $113 per barrel. Trump posted on Sunday morning, "Tuesday will be Iran's power plant day and bridge day, get it all done at once. Absolutely unprecedented!!! Open the Strait now." Hours later, he seemed to set a new deadline, "Tuesday, 8:00 PM Eastern Time! (8:00 AM Beijing Time on April 8.)" Trump had issued a similar two-day ultimatum to Iran on March 21 but later extended the deadline to April 6.
Japan's 10-Year Government Bond Yield Hits Highest Level Since 1999
As of April 6, Beijing time, the yield on Japan's newly issued 10-year government bonds once rose to 2.400%, hitting its highest level since February 1999.
US Media: US-Iran Mediators Make Final Push for 45-Day Ceasefire
Four US, Israeli, and regional sources familiar with the negotiations revealed that the US, Iran, and a group of regional mediators are discussing terms for a potential 45-day ceasefire agreement that could eventually end the war. The possibility of reaching a partial agreement within the next 48 hours is slim, but this final effort is the only chance to prevent a sharp escalation of the war. President Trump's original 10-day deadline for Iran was set to expire Monday evening, but Trump extended the deadline by 20 hours on Sunday and posted a new cutoff time on his social media "Truth Social": 8 PM ET Tuesday.
Loan Facilitation Platform Scale and Profits Decline After New Regulations, Multiple Companies Explore Crypto and "Going Global"
Amid the formal implementation of new loan facilitation regulations and a slowdown in consumer credit demand, the revenue and loan issuance scale of several consumer loan facilitation platforms have declined year-on-year, with net profits falling sharply. Some platforms are seeking a second growth curve through "going global" or investing in the "crypto space." The new regulations impose management requirements like a "whitelist system" on loan facilitation institutions, effectively drawing clear compliance red lines for the internet loan facilitation industry. Platforms like Lexin and Yirenzone have already布局 overseas businesses, with Southeast Asia and Latin America being the main battlegrounds. WeLab has持续布局 the blockchain industry in recent years, indirectly acquiring a 15% stake in cryptocurrency exchange Thousand Whales Technology (BVI) in 2024, and invested HK$2.395 billion last year in EXIO Group, one of the first virtual asset trading platforms licensed by the Hong Kong SFC.
Insider Reveals Content of US-Iran Ceasefire Proposal
An insider revealed that the final US-Iran ceasefire proposal includes Iran abandoning nuclear weapons in exchange for the lifting of sanctions and the unfreezing of assets. The plan required an agreement by Monday. If successful, it would lead to an immediate ceasefire, the reopening of the Strait of Hormuz, and a final agreement within 15 to 20 days. The Chief of Army Staff of Pakistan has spoken separately with US Vice President Vance, Envoy Witkowf, and Iranian Foreign Minister Araghchi. Both sides have received a two-stage agreement plan, the content of which includes achieving a ceasefire first, then negotiating a final agreement.
Iranian Official Rejects "Temporary Ceasefire" in Exchange for Reopening Strait of Hormuz
A senior Iranian official stated that Iran will not accept set deadlines or external pressure to force its decisions, while clearly stating it will not reopen the Strait of Hormuz in exchange for a "temporary ceasefire." The official also noted that Iran believes the US is not currently prepared for a permanent ceasefire.
Project Dynamics
Metaplanet Responds to JPX Index Consultation: Does Not Affect Advancement of Bitcoin Strategy and Ecosystem Layout
Regarding the Japan Exchange Group (JPX) announcing a consultation on postponing the inclusion of companies whose main asset is cryptocurrency into indices, Metaplanet CEO Simon Gerovich stated they respect the relevant procedures and will actively participate, and it will not affect the advancement of their Bitcoin strategy and ecosystem layout. Metaplanet was founded to provide Japanese investors with compliant exposure to Bitcoin through a Tokyo Stock Exchange-listed company. The company's strategy goes beyond asset allocation and aims to promote the development of Japan's Bitcoin ecosystem through "Project Nova," including布局 operational businesses and investing in industry partners. To date, over 216,000 Japanese shareholders have participated in this strategy.
Spark Completes First Month Token Buyback Half an Hour Ago, Spent 571,957 USDS to Buy 26.66M SPK
Spark completed its first month token buyback half an hour ago, spending 571,957 USDS to purchase 26.66 million SPK at an average price of $0.0215. The 26.66 million SPK repurchased in one month represents 1% of the SPK circulating supply. The buyback plan is expected to last 12 months, potentially repurchasing 12% of the circulating SPK supply in a year, approximately 320 million SPK ($6.86 million).
Michael Saylor Again Posts Bitcoin Tracker Info, May Disclose Accumulation Data Next Week
Michael Saylor, founder of Bitcoin treasury company MicroStrategy, again posted information related to the Bitcoin Tracker on platform X, writing: "₿ack to Work". Based on previous patterns, MicroStrategy has always disclosed Bitcoin accumulation information the day after such related messages.
ETHGlobal Announces Cannes 2026 Finalist Project List, 10 Teams Selected
The ETHGlobal Cannes 2026 finalist project list is officially announced. The 10 selected projects include: ENShell, DIVE, maki, Défi, ALMA, npmguard, VEIL VPN, PaintGlobal, EVM PORST, and Corpus. Among them, ENShell aims to prevent AI agents from executing malicious transactions due to prompt injection attacks; DIVE is an AI crowd engine for prediction markets and on-chain automatic settlement.
OneFootball Club to Distribute 100K $OFC Tokens to Over 25K Supporters
OneFootball Club announced the $OFC FanPass airdrop plan, distributing 100,000 $OFC tokens to over 25,000 supporters, covering 38 million wallets. Users can choose a vesting period of 3 months (30%), 6 months (65%), or 9 months (100%), with 10% available on the first day. Weekly participation in match predictions and holding $OFC can yield additional rewards. Airdrop claiming will open after TGE. Specific times and links will be announced through official channels. Unclaimed tokens will return to the treasury for future reward pools. Previous news indicated CoinList will support OneFootball's token TGE on April 9.
Views & Analysis
Ethereum Appears Undervalued After Underperforming Bitcoin for Five Years, Battle Between Recovery and Structural Weakness Intensifies
Ethereum has basically been in a "non-yielding asset" state for the past five years, with its price hovering around the $2000 level for a long time. Since November 2025, on-chain activity has remained sluggish, limiting demand and value capture capabilities. ETH has retreated about 57% from its August 2025 high, and its current valuation appears relatively cheap, making it more attractive compared to Bitcoin, which fell about 42% over the same period. Tether's issuance on Ethereum has recently surpassed that on Tron, rekindling expectations that Ethereum could benefit from stablecoin growth. Ethereum is at a critical juncture, requiring a reassessment of whether a recovery is imminent or if structural headwinds will persist.
Crypto Industry Faces "Existential" Token Problem, If Funds Concentrate in Top Assets, Market Imbalance Could Worsen
The crypto industry is facing an "existential" token problem: the growth rate of token supply has significantly exceeded the value it creates, leading to diluted returns and a decoupling of price from fundamentals. Over 80% of projects have prices below their TGE levels, and most fall 50%-70% within three months, reflecting structural selling pressure in the token market. The average value performance of individual tokens is weak, down about 50% since 2021, with most tokens down about 80% from their highs. Returns are concentrated in a few top assets, like Bitcoin and Ethereum. The correlation between token prices and on-chain revenue has significantly weakened; even if protocol revenue recovers, prices have not risen同步, reflecting decreased market confidence in token value capture capabilities. Therefore, token mechanisms need urgent repair, otherwise the market will further concentrate in top assets, weakening the overall ecosystem.
Bitcoin Quantum Security Proposal Should Not Be Rushed, Hasty Upgrade Could Trigger Computational Attack Risks
The current response to the quantum computing threat against Bitcoin should not be rushed. Blindly and hastily switching from the existing signature mechanism to a quantum-resistant scheme could instead expose Bitcoin to traditional computational attack risks in the short term. PQ signature size could increase 10 to 125 times, significantly reducing network throughput and potentially reigniting scaling controversies similar to the early "block wars." Some PQ schemes may have potential backdoor risks. The quantum computing threat remains in the medium to long term (perhaps 10-20 years). A more reasonable path currently is continuous research rather than hasty deployment. It also点名 Coinbase, stating its wallets have quantum attack vulnerabilities due to address reuse, suggesting priority repair of related infrastructure issues.
Hormuz Crisis May Become Protracted, Rising Oil Prices Will Reshape Global Asset Pricing
The current Middle East conflict is escalating continuously, and the disruption to the Strait of Hormuz may far exceed market expectations. Rising oil prices are not just a result but a core variable in this round of conflict. As the situation moves from airstrikes to ground operations, the conflict could evolve into a long-term war of attrition. Iran does not need to win; it only needs to increase the cost of war to force opponents to seek an exit. The Strait of Hormuz is unlikely to reopen quickly, and crude oil supply will remain constrained. WTI crude oil recently traded higher than Brent crude, reflecting a reshuffle in global supply and demand structure and Asian buying shifting to US crude. Under a baseline scenario, oil prices may remain in the $120 to $150 range. If the conflict persists for a longer cycle, there is even potential to test $200. Oil prices will become a core variable affecting interest rates, exchange rates, stock markets, and crypto markets. If ground warfare fully unfolds without a quick victory, global assets may face chain repricing.
Important Data
APT, BABY, LINEA, and Other Tokens to See Large Unlocks Next Week; APT Unlock Worth ~$9.5M
Aptos will unlock approximately 11.31 million tokens at 4:00 PM Beijing Time on April 12, representing about 0.68% of the circulating supply, worth approximately $9.5 million; Babylon will unlock approximately 612 million tokens at 6:00 PM Beijing Time on April 10, representing about 37.77% of the circulating supply, worth approximately $7.8 million; Linea will unlock approximately 1.38 billion tokens at 7:00 PM Beijing Time on April 10, representing about 5.32% of the circulating supply, worth approximately $4.5 million; RedStone will unlock approximately 40.85 million tokens at 00:00 Beijing Time on April 7, representing about 13.89% of the circulating supply, worth approximately $4.2 million; Movement will unlock approximately 164 million tokens at 8:00 PM Beijing Time on April 9, representing about 4.92% of the circulating supply, worth approximately $2.9 million; io.net will unlock approximately 1.131 million tokens at 8:00 PM Beijing Time on April 11, representing about 0.68% of the circulating supply, worth approximately $1.3 million.
Corporations Bought 69K BTC in Q1, Retail Sold 62K in Same Period
In Q1 2026, corporate investors purchased a total of 69,000 Bitcoin, while retail investors sold 62,000 Bitcoin during the same period.
James Wynn's BTC Short Position Liquidated, $100M Account Now Holds Only $900
James Wynn was liquidated due to shorting Bitcoin. His account funds plummeted from a previous $100 million to just $900.
