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Bitcoin Climbs to Three-Week High on US-Iran Ceasefire Plan
Bitcoin touched a three-week high as global markets turned more optimistic after a ceasefire deal between the US and Iran.
The largest cryptocurrency climbed as much as 5% to $72,841, its highest level since March 18, in New York trading, before paring some of the gain. Smaller tokens also notched big gains, with Ether rising as much as 7.5% to $2,273.
Stocks surged and the price of the US benchmark West Texas Intermediate crude oil fell below $95, nearing its biggest price drop in six years, after US President Donald Trump on Tuesday paused the US bombing of Iran. Bitcoin initially rallied in tandem with broader risk assets, as investors took comfort in the temporary easing of the Middle East conflict, raising hopes that the crucial oil shipment corridor of the Strait of Hormuz would reopen.
Stablecoin Issuers Must Adhere to Anti-Money Laundering and Sanctions Programs, Says Treasury
The U.S. Treasury proposed a rule detailing how stablecoin issuers must build anti-money laundering and sanctions programs under the GENIUS Act.
In many ways, the rules bring stablecoin issuers under the umbrella of other entities that FinCEN and OFAC already regulate.
In a statement, Treasury Secretary Scott Bessent described the proposal’s rules as a balance between protecting Americans and fostering innovation.
Coinbase's EU Growth Hinges on Alignment Between US and EU Regulations, Says Exec
The US Clarity Act is shaping up to be the most important piece of crypto legislation to date.
But the landmark crypto market structure bill will also have a significant impact across the pond in Europe, according to Côme Prost-Boucle, Coinbase’s expansion manager for the European Economic Area.
That’s because whether the bill passes, and what provisions it contains, will impact investor confidence and fuel efforts to reshape parts of the EU’s own crypto regulations.
Michael Saylor Says Bitcoin Has Likely Bottomed, Quantum Risk Overblown
Michael Saylor, executive chairman of Strategy, believes bitcoin likely bottomed in early February at $60,000.
Speaking at a recent Mizuho event, Saylor reiterated his long-held view that bottoms aren't necessarily about valuations but are driven by seller exhaustion, analysts Dan Dolev and Alexander Jenkins wrote.
Trend reversals, he added, are driven more by capital structure and liquidity than by investor sentiment.
Saylor now sees limited selling pressure amid growing demand from ETF inflows, which are absorbing daily supply, and companies shifting treasury assets into bitcoin.
Morgan Stanley’s Bitcoin ETF Draws $34 Million on Day One
Morgan Stanley’s spot bitcoin exchange-traded fund (ETF) began trading Wednesday with solid early activity, logging more than 1.6 million shares traded and roughly $34 million in inflows, the bank said.
The fund, listed under the ticker MSBT, tracks the CoinDesk Bitcoin Benchmark 4 PM New York Settlement Rate and charges a 0.14% expense ratio. It is the cheapest fund in the category, offering a clear, if narrow, pricing advantage to competitors.
MSBT entered the market with a different strength than others: distribution. Morgan Stanley’s wealth management arm oversees trillions of dollars in client assets and operates one of the largest financial advisor networks in the industry. That reach could help the fund gain traction as more investors access bitcoin through advisors rather than direct trading platforms.
New Bitcoin ETF Chases Gains That Come While Wall Street Sleeps
Most of Bitcoin’s gains have come while Wall Street sleeps. Now a new exchange-traded fund is built to ride that pattern — buying Bitcoin at the market close and selling before the open, while investing in Treasuries during the day.
The Nicholas Bitcoin and Treasuries AfterDark ETF, filed with the US Securities and Exchange Commission in December under the ticker NGHT, made its debut on Wednesday.
The product is designed around a striking disconnect in Bitcoin’s return profile. Since BlackRock Inc.’s iShares Bitcoin Trust ETF (ticker IBIT) launched in January 2024, overnight price gaps — measured from the market close to the following day’s open — have generated a roughly 200% gain, according to Bespoke Investment Group, a figure that outpaces a buy-and-hold strategy that rose more than 40%. In contrast, the tactic that involves buying at the open and selling at the close a loss of more than 50%.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Wednesday was $124.55 million. The total net asset value of Bitcoin spot ETFs is $91.90 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.43%.
The Bitcoin spot ETF with the highest net outflow on April 8 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net outflow of $79.12 million, according to SoSoValue.
Source: SoSoValue
The overall net outflow of the US Ethereum spot ETF on Friday was $18.63 million. The total net asset value of Ethereum spot ETFs is $12.56 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.71%.
The Ethereum spot ETF with the highest net outflow on April 8 was Fidelity Ethereum Fund (FETH), with a net outflow of $32.43 million, according to SoSoValue.
Source: SoSoValue
