Coinglass data shows that in the past 24 hours, the entire network has been liquidated to US$595 million, with long orders liquidated at US$166 million, short orders liquidated at US$429 million, and short orders mainly liquidated. Bitcoin short positions were liquidated to US$244 million, and Ethereum short orders were liquidated to US$125 million. In the past 24 hours, more than 118,600 people on the entire network have been liquidated.

The global major asset markets have experienced significant fluctuations due to the influence of macro-geographic factors. U.S. stocks recovered their losses after experiencing violent shocks, with the S&P and Nasdaq closing sharply higher. U.S. bond yields first rose and then fell. The U.S. dollar index fell back to last week's lows. Brent crude oil plunged 15%, and spot gold expanded its intraday gains by nearly 3%.

Trump announced in the early morning that he would temporarily suspend attacks on Iran for two weeks, and Iran also claimed to accept the ceasefire agreement. Tensions in the Middle East that have lasted for nearly two months have been eased, significantly increasing the market's risk appetite.

1. Crypto-assets rebounded sharply, and global market risk appetite increased

In the early hours of this morning, the crypto market experienced a strong rebound due to the easing of the macroeconomic crisis. Bitcoin briefly exceeded US$72,000, once touching US$72,760, with a 24-hour increase of more than 5%. Ethereum rose simultaneously, briefly exceeding US$2,200 and once touching US$2,273.44, with a 24-hour increase of more than 7%. Solana briefly broke through $85 and once hit $87.02, with a 24-hour increase of more than 7%. Other mainstream currencies have experienced varying degrees of rise.

Coinglass data shows that in the past 24 hours, the entire network has been liquidated to US$595 million, with long orders liquidated at US$166 million, short orders liquidated at US$429 million, and short orders mainly liquidated. Among them, Bitcoin short positions were liquidated to US$244 million, and Ethereum short orders were liquidated to US$125 million. In addition, in the past 24 hours, more than 118,600 people across the entire network have been liquidated. The largest single liquidation order occurred on Binance - BTCUSDT, worth US$11.7954 million.

At the same time,the global major asset markets have experienced significant fluctuations due to the influence of macro-geographic factors. U.S. stocks recovered their losses after experiencing violent shocks, with the S&P and Nasdaq closing sharply higher. The S&P 500 rose 0.08%, the Nasdaq rose 0.10%, and the Dow Jones Industrial Average ended lower, down 0.18%. U.S. bond yields first rose and then fell. The 10-year yield rose by 4.5 basis points at one point, and then continued to fall by more than 8 basis points from the daily high. The 2-year yield finally fell by 5 basis points. The U.S. dollar index fell for a second consecutive session on Tuesday, falling back to last week's lows. Brent crude oil plunged 15%, and spot gold expanded its intraday gains by nearly 3%, rising above $4,835.

Trump announced in the early morning that he agreed to suspend bombings and attacks on Iran within two weeks, and Iran later announced that it would accept a two-week ceasefire agreement proposed by Pakistan. The easing of tensions in Iran that lasted for nearly two months has greatly boosted the market's risk appetite and directly affected the sharp rise in risk assets. The recent improvement in ETF fund flows and the return of listed treasury buying have also exerted an impact on the rise of the crypto market.

2. The United States and Iran agreed to a ceasefire within two weeks, temporarily easing the geopolitical crisis

Early this morning, U.S. President Trump said: “Based on my talks with Pakistani Prime Minister Nawaz Sharif and Pakistani Army Field Marshal Asim Munir, who asked me not to deploy destructive forces to Iran tonight, and on the condition that Iran agrees to fully, immediately and safely open the Strait of Hormuz, I agree to suspend the bombing and attack, for two weeks. This will be a two-way ceasefireWe have received a ten-point proposal from Iran and believe it is a viable basis for negotiations, and two weeks will allow the agreement to be finalized and entered into force.

Subsequently,Iran’s Supreme National Security Council issued a statement in the early morning of the 8th local time, stating that based on the recommendations of the Supreme Leader and the approval of the Supreme National Security Council, it accepted Pakistan’s ceasefire proposal. The statement stated that almost all of Iran's goals in this war have been achieved, and the enemy "suffered a historic and complete defeat." Iran will "continue to fight until its great achievements are consolidated and establish a new security and political pattern in the region." It also decided to hold negotiations in Islamabad to determine the details and "consolidate the victory results through political negotiations within a maximum of 15 days." The statement also stated that Iran rejected all plans proposed by the enemy and formulated a ten-point plan, which was submitted to the United States through Pakistan. In addition, Iranian Foreign Minister Araghchi said: "If attacks on Iran stop, our powerful armed forces will stop defensive operations.With coordination with the Iranian armed forces and full consideration of technical limitations, safe passage through the Strait of Hormuz will be possible within the next two weeks."

According to reports, the Trump administration is preparing to hold face-to-face negotiations between U.S. and Iranian officials in the coming days as the two sides work to reach a long-term agreement to end the war between Washington and Tehran. White House press secretary Levitt said: "The possibility of holding face-to-face talks is currently being discussed, but nothing is finalized until an official announcement from the president or the White House." Officials said the talks are likely to be held in Islamabad, with Pakistan serving as a mediator. Trump's special envoy Witkoff, son-in-law Jared Kushner and Vice President Vance are expected to attend, officials said.

The tension in the Middle East triggered by the US-Iran conflict has lasted for nearly two months. The important channel of the Strait of Hormuz has been closed for a long time. The conflict in the Middle East has caused oil and other important commodities to fluctuate repeatedly, bringing many adverse effects to the global macroeconomic environment. This time the United States and Iran announced a temporary ceasefire and started negotiations, which brought a glimmer of light to the turbulent global market, greatly boosted risk appetite and stimulated a sharp rebound in risky assets such as cryptocurrencies.

3. The flow of crypto asset investment funds has recovered slightly, bringing resilience to the market

According to CoinShares monitoring, market sentiment for digital asset investment products has recovered slightly, with inflows reaching US$224 million last week. Bitcoin inflows totaled $107.3 million, an improvement from a poor start at the beginning of the month. XRP saw the largest inflows of any asset with $119.6 million, its highest since mid-December 2025, taking its year-to-date inflows to $159 million (7% of AUM). Solana also received inflows, totaling $34.9 million, with steady inflows accounting for 10% of its AUM so far this year. Additionally, theU.S. Spot Bitcoin ETF recorded a net inflow of $471 million on Monday, and the U.S. Spot Ethereum ETF recorded a net inflow of $120 million on Monday, according to SoSoValue data.

In addition, according to the New York Stock Exchange (NYSE) listing announcement, theMorgan Stanley Bitcoin Exchange Traded Fund (ETF) will be listed for trading under the "MBST" trading code on April 8, Eastern Time. This is the first spot BTC ETF issued by a major U.S. bank. The annual fee of this product is only 0.14%, which is lower than the 0.25% of BlackRock IBIT and the 0.15% of Grayscale GBTC, making it the lowest fee Bitcoin ETF on the market.

The net inflow of crypto-asset investment funds such as ETFs reflects the slight improvement in investor market sentiment, which increases market demand and brings resilience to the crypto market to a certain extent.

4. Listed financial institutions and other institutions continue to buy, injecting liquidity into the market

According to Strategy’s official disclosure, Strategy bought 4,871 BTC at an average price of approximately US$67,718 last week, with a total cost of approximately US$329.9 million. As of 2026, Strategy holds a total of 766,970 BTC, with a total holding cost of approximately US$58.02 billion, and an average price of approximately US$75,644 per coin. Strategy officials also issued a document saying that since the beginning of this year, the company's accumulated Bitcoin holdings have reached 2.2 times the market's natural supply, while achieving a 3.7% Bitcoin return rate. The cumulative income so far this year is approximately 24,675 BTC, equivalent to approximately US$1.7 billion.

Ethereum treasury company Bitmine Immersion Technologies disclosed that it increased its holdings of 71,252 ETH last week. The company’s current crypto asset holdings include 4,803,334 ETH, 198 BTC, Eightco Holdings shares worth US$92 million, and Beast Industries shares worth US$200 million. In addition, the company has a total of 3,334,637 ETH staked (based on $2,123 per ETH, a total of $7.1 billion).

As major institutional investors in the crypto market, listed treasury banks continue to purchase large amounts of crypto asset reserves, injecting a large amount of liquidity into the market, which greatly slows down the downward pressure on cryptocurrencies and accumulates strength for a rebound.

5. Market Analysis and Interpretation

Cryptocurrency and other risk asset markets have been able to take a breather as the situation in the Middle East eases. How will it develop next? Can the United States and Iran reach a peace agreement on this? Can the global macro-environment be reversed? Let’s take a look at the main analytical interpretations of the market.

1. Federal Reserve Vice Chairman Philip Jeffersonsaid that the Iran war will cause uncertainty and push up U.S. inflation in the short term, but the central bank's current monetary policy settings are still appropriate. Jefferson described the current level of interest rates as roughly in a range that neither stimulates nor depresses the economy. He said that under the current stance, employment will be supported and inflation is expected to gradually fall back to the 2% target as the effects of tariffs fade.

2. Coinbase Institutional gave a neutral outlook for the market in the second quarter on the grounds that macro and geopolitical uncertainties such as the Iran conflict make forecasts highly unreliable. Citing a Bank of America fund manager survey, Coinbase pointed out that cash holdings rose nearly a percentage point per month to 4.3%, the fastest accumulation rate in five years. Despite the recent three to four standard deviation declines in the S&P 500, Bitcoin has only experienced a one standard deviation correction and has performed relatively well. The U.S. spot Bitcoin ETF recorded a net inflow of approximately US$471 million on April 6, its strongest single-day performance in six weeks, with BlackRock IBIT leading the way. The proportion of institutional holdings has increased from 24% a year ago to approximately 38%, with hedge funds, pension funds, etc. collectively holding over US$40 billion in shares.

3. Liquid Capital (formerly LD Capital) founder Yi Lihua posted on the social platform, "The war is confirmed to be over, there is no inside story, and there is no reason for both sides to continue fighting. We will see where the rebound will be to stop profits. This year's cryptocurrency market is very similar to 2019, with secondary liquidity falling off a cliff and primary investment confidence almost non-existent, W eb3 companies are laying off a large number of people, and people in the industry are changing careers. Be greedy when others are afraid. This year must be the best time to buy the bottom of the secondary and invest in the primary. It is similar to the institutions that bought the secondary and invested in the primary in 2019. They are the biggest winners in the bull market in 2020. We are working hard to do these two things. ”