Global TradFi & Macroeconomics

Middle East crude oil producers are asking Asian refiners to submit their April and May loading schedules in preparation for restoring navigation through the Strait of Hormuz. Although Iran has not lifted its blockade of the waterway, the U.S.-Iran ceasefire agreement offers hope for reopening. Saudi Aramco has also asked customers to apply for May loading.

Morgan Stanley’s Bitcoin ETF “MSBT” has officially launched, becoming the first such product issued by a large bank. Management fees are as low as 0.14%. On its first day, it raised $34.0 million, indicating market demand for low fees and distribution through financial advisors. This move marks a full-scale entry by traditional financial institutions into the crypto asset market, shifting the competitive focus to fees, liquidity, and the ability to reach customers.

The French National Assembly has passed a rule requiring mandatory reporting of crypto assets held in self-custody wallets above 5,000 euros, applicable to multiple mainstream wallets. The DGFIP opposes this, arguing that enforcement will be difficult and that data centralization will increase user risk. Experts say the law may be hard to implement and urge users to closely monitor subsequent developments.

CME Group will begin offering 24/7 trading for crypto futures starting May 29, and will also add AVAX and SUI futures, showing that traditional finance is rapidly approaching the crypto market. This move not only meets market demand for round-the-clock trading, but also serves as a test of whether traditional financial assets can operate 24/7 in the future. The new futures contracts will provide more flexible options and capital efficiency, further expanding CME Group’s crypto product lineup.

Gate News: According to the latest Gate TradFi data, CHCUSD50 (China A50 50x) has surged by 1.5% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

On April 9, Bitcoin spot ETF total net inflows were $358 million, BlackRock ETF IBIT had net inflows of $269 million, and historical total net inflows reached $63.59B. Fidelity ETF FBTC had net inflows of $53.3345 million, with total net inflows of $11.03B. Currently, the total assets net asset value of Bitcoin spot ETFs is $93.29B.

The Federal Reserve's recent minutes revealed mixed signals on potential rate changes, influenced by inflation and geopolitical tensions. Bitcoin's price is currently around $71,000, with analysts divided on its future amid these macroeconomic pressures, relying on factors like the Iran ceasefire and inflation trends.

Gate News: According to the latest Gate TradFi data, CHCUSD50 (China A50 50x) has surged by 1% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

Circle Internet Group（CRCL）stock price fell 9.9%, and Compass Point cut its rating to “Sell,” with a target price of $77, reflecting regulatory risk and the impact of market sentiment. At the same time, a hacking incident involving Drift Protocol triggered a collective lawsuit investigation, indirectly affecting CRCL’s stock price. Market awareness of DeFi risks has increased, and with stablecoin legislation stalled, Circle faces greater structural pressure.

Gate News: Message. On April 10, the U.S. Department of Labor will release the U.S. March CPI (Consumer Price Index) data at 20:30 Beijing time tonight. This release will include: the 3-month unadjusted CPI year-over-year rate, the seasonally adjusted CPI month-over-month rate, the seasonally adjusted core CPI month-over-month rate, and the unadjusted core CPI month-over-month rate. CPI data is a key indicator used to measure the level of inflation and has historically had an important impact on financial markets; it may trigger market volatility at the time of release.

Market maker Keyrock and tokenization platform Securitize jointly released a report predicting that the on-chain transferable distributed RWA market will grow from $29.0 billion to $400.0 billion, an increase of over 1,000%. It is expected that by 2028, RWA perpetual contracts could account for 50% of the total on-chain derivatives market. Currently, tokenized RWAs account for less than 0.1% of the global tokenizable market.

On April 9, Ethereum spot ETFs saw net inflows of $106 million, a marked increase compared with the previous day. BlackRock’s ETHA and ETHB had net inflows of $90.94 million and $13.67 million, respectively, while Grayscale’s mini version of ETH recorded net inflows of $9.67 million. Meanwhile, 21Shares TETH, Franklin EZET, and Grayscale ETHE saw net outflows.

Bitmine Immersion Technologies completes its uplisting from the U.S. board of the New York Stock Exchange (NYSE) to the NYSE, keeping its stock ticker unchanged, and announces that it will expand its share repurchase plan to $4 billion. The uplisting shows that it meets the rigorous standards of the NYSE main board and can attract more institutional investors. The share repurchase plan reflects the company’s commitment to its shareholders and is intended to boost its stock price.

Gate News message, on April 10, the head of digital assets at Morgan Stanley said that the bank’s newly launched Bitcoin ETF (exchange-traded fund) delivered the best first-day trading performance among all the bank’s ETF products. In addition, the executive disclosed that Morgan Stanley is preparing additional crypto-related products.

CME Group launched 24/7 round-the-clock cryptocurrency futures and options trading starting May 29, signaling the transformation of traditional financial institutions toward the crypto market. Going forward, futures contracts for Avalanche and Sui will be added to further expand the product range, meet market demand, and provide more diversified options.

An FBI report shows that in 2025, the United States lost $11.4 billion due to cryptocurrency scams, up 22% from the previous year. Many of the scams are controlled by criminal groups in Southeast Asia. Victims lose an average of more than $60k each, and many even lose their life savings.

Middle East conflict turned for the better after the U.S. and Iran agreed to a two-week ceasefire, with market risk sentiment recovering. U.S. stock index futures jumped sharply. Bitcoin broke through the $72,000 high, while oil prices plunged. Although the current rebound is significant, analysts warn that uncertainty around how the ceasefire agreement will be carried out and the overall economic pressure may still limit how long the rally can last.

On April 10, analyst Yu Jin reported that a giant whale established a $74.47 million crude oil short position on Hyperliquid, with an unrealized gain of about $1.2 million. It consists of 399k barrels of WTI crude oil and 390k barrels of Brent crude oil.