Executive brief

The digital asset market is navigating a period of intense volatility driven by a rapid sequence of geopolitical developments and structural DeFi failures. Bitcoin prices fluctuated significantly over the weekend, briefly touching $78,000 before retreating to $75,000 following conflicting reports regarding the closure of the Strait of Hormuz. While a temporary ceasefire initially spurred optimism, the subsequent re-closure of the vital oil route has reintroduced a risk-off sentiment across both traditional and crypto markets. This geopolitical driver remains the primary directional cue for the immediate term, with traders pricing in energy supply shocks in real time via 24/7 decentralised derivatives platforms.

Systemic risks within the decentralised finance sector have also come to the fore. The exploit of Kelp DAO for $292m has triggered widespread contagion, leading to a $6b drop in deposits at Aave as investors flee non-isolated lending protocols. This event highlights a critical opportunity for the industry to move toward more robust risk management frameworks, even as retail access expands through traditional channels. Significant structural shifts are occurring in the US, with Charles Schwab preparing to launch direct trading for its 39 million clients and the SEC removing the $25,000 pattern day trader barrier. These regulatory and institutional entries provide a massive tailwind for liquidity but carry the risk of heightened volatility as lower-margin retail speculation increases.

1) Top 20 news headlines

2) BTC and ETH ETF flows

Metric BTC ETH
Net inflow $663,911,366.47 $127,485,084.77
Value traded $4,794,943,928.27 $1,080,543,793.80
Net assets $101,452,478,155.08 $14,262,948,835.64
Cumulative net inflow $57,739,993,739.43 $11,943,573,505.01

3) X trending news

  • Strait of Hormuz closure; zero oil tankers passed through the strait today, marking a total closure of the vital waterway.
  • RAVE crypto crash; the $RAVE token fell 95% in 24 hours, resulting in a $6.3b loss in market value.
  • Federal Reserve losses; the Fed reported an $18.7b operating loss for 2025, bringing its three year total loss to $210.3b.
  • Record money market outflows; money market funds saw a record weekly drawdown of $172.2b, with $1.2b flowing into crypto funds.
  • Suspicious oil shorts; roughly $760m in oil short positions were placed just 20 minutes before the brief Hormuz reopening announcement.
  • Semiconductor ETF surge; US semiconductor ETFs have attracted a record $4b in inflows so far in April.
  • Bitcoin price levels; Bitcoin briefly reclaimed the $78,000 level following the initial reports of regional de-escalation.