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The newly appointed chief economist of New Fire Group, Fu Peng, stated on Twitter that the underlying business model of Bitcoin perpetual contracts is essentially the same as the "rollover fee/overnight fee" in traditional finance's gold and industrial commodity spot exchanges.Fu Peng pointed out that back in the day, gold exchanges settled through daily forced liquidation, with longs and shorts paying each other rollover fees. When retail investors held a large number of high-leverage long positions, the rollover fee became the most stable and hidden source of income for the platform. Nowadays, Bitcoin spot platforms mainly rely on perpetual contracts, with both sides settling the funding rate every 8 hours. When longs dominate, retail investors holding long positions continuously pay funding rates to shorts.Although the platform does not directly collect this fee, it significantly enhances trading activity, open interest, and liquidity, indirectly generating a large amount of fee income and forming a stable and substantial cash flow. Essentially, it is a business model where large players/institutions "collect rent" from long-term holdings, retail investors pay for leverage to go long, and the platform indirectly takes a cut.

According to Jin Shi reports, the U.S. stock market fell on Thursday amid volatile trading, as hopes for a quick resolution to the Iran conflict gradually faded. Analyst Jay Hatfield stated that investors are struggling to digest mixed earnings reports, and concerns about the disruptive impact of artificial intelligence on the software industry have resurfaced. He pointed out that the market had previously risen significantly, and some investors are looking to reduce their positions, using the war as an excuse is not necessarily a bad thing.

Coinbase Institutional tweeted that its March market cycle survey shows that among institutional investors, 43% believe we are currently in the late bear market; among non-institutional investors (retail), 49% believe we are still in the bear market markdown phase.

Investors including Pantera Capital Management are pushing the UK Bitcoin reserve company Satsuma to sell its $50 million Bitcoin reserve.Satsuma shifted to an "AI-driven" Bitcoin reserve strategy in August 2025, successfully raising £164 million (approximately $221 million) through convertible loan notes, led by ParaFi Capital, with participation from Pantera, Digital Currency Group (DCG), Kraken, Arrington Capital, and others. It is reported that Satsuma confirmed that some shareholders "requested a return of capital," but did not disclose the identities of the specific shareholders. Satsuma's Executive Chairman Ranald McGregor-Smith stated in an email that the company is exploring options to facilitate these requests while protecting the interests of all shareholders.

According to Onchain Lens monitoring, wallets associated with the Worldcoin team/investors (0xDe2...fF2c) deposited 4.63 million WLD into Binance, worth 1.25 million dollars. This address received these WLD a year ago for 9.78 million dollars, and currently has a loss of 8.53 million dollars.

SpaceX stated in its IPO application documents that orbital AI computing and the industrialization efforts on the Moon and Mars are still in the early stages, involving significant technological complexities that may not be commercially viable.Elon Musk has called space AI computing an obvious choice, believing that orbit could become the lowest-cost storage location for AI within two to three years. The documents warn that orbital AI data centers operate in harsh and unpredictable space environments, where systems may fail. Additionally, delays in the development of Starship could also limit the company's growth strategy. SpaceX currently targets a valuation of approximately $1.75 trillion and plans to raise $75 billion in the coming months.

The Securities and Exchange Commission (SEC) of the Philippines has issued an investor warning, reminding the public not to invest in seven cryptocurrency trading platforms including dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium.The SEC stated that the aforementioned platforms are not registered with the commission and have not obtained the necessary authorization required under the cryptocurrency asset service provider (CASP) framework. At the same time, the SEC warned that individuals promoting these platforms within the Philippines may be held criminally liable, facing fines of up to 5,000,000 Philippine pesos (approximately 89,000 USD) or a maximum of 21 years in prison.

SpaceX will hold a three-day closed-door analyst meeting in the United States this week to promote its business and strategy to Wall Street institutions in preparation for a potential IPO. According to insiders, the company aims to raise about $75 billion, with a valuation possibly reaching $1.75 trillion, with plans to go public as early as June.The meeting will cover SpaceX's Texas Starbase launch site and Tennessee data center project, and participating analysts will need to submit electronic devices to ensure information confidentiality. This roadshow is a key part of the IPO process, and there will be subsequent model presentations to further disclose financial and growth expectations. In addition, the company plans to reserve about 30% of shares for retail investors and expand into global markets. Several Wall Street investment banks have already participated in the underwriting arrangements.

According to the latest research report released by Deutsche Bank, the participation rate of American retail investors in cryptocurrency rebounded in March, rising from 7% in February to 12%.The report, based on a survey of 3,400 consumers in the United States, the United Kingdom, and the European Union, indicates that about 70% of surveyed crypto investors hold Bitcoin, far exceeding stablecoins like USDT or USDC; at the same time, 69% of American respondents view Bitcoin as their preferred investment for the future.

According to Cointelegraph, during the US-Iran conflict, UAE investors chose to buy the dip in AI and digital assets rather than reducing their overall positions.eToro data shows that in the first quarter, UAE users increased their holdings in several software and AI infrastructure stocks that had significantly pulled back in price. eToro market analyst Josh Gilbert stated that the behavior of UAE investors is driven by long-term themes rather than risk aversion, with the most obvious signals appearing in the AI infrastructure and software sector—ServiceNow (+125%), Super Micro Computer (+65%), Adobe (+54%), and Oracle (+38%) all saw significant increases in holdings against a backdrop of market pressure.In terms of crypto assets, Strategy Inc. remains the eighth highest held stock by UAE investors, indicating a continued allocation to crypto-related assets. Deutsche Bank's report on April 13 indicated that this conflict is more likely to strengthen rather than weaken the region's demand for AI, cybersecurity, and sovereign digital infrastructure; however, it also cited reports that the Amazon Web Services data centers in the UAE and Bahrain have been attacked, and the planned 1GW Stargate park in Abu Dhabi is also under threat.The report also noted that sovereign wealth funds in the Gulf region manage approximately $5 trillion in assets by 2025, with Abu Dhabi-related institutions being one of the most active sources of funding in the global AI sector. Local crypto businesses in Dubai are operating normally. HashKey MENA Managing Director Ben El-Baz told Cointelegraph that business remains normal, relying on cloud trading and custody systems; Binance also confirmed that the vast majority of employees chose to stay, but the Token2049 Dubai event has been postponed to 2027.The Dubai Virtual Assets Regulatory Authority (VARA) continues to advance its activity-type regulatory framework. VARA Market Assurance Director Sean McHugh stated that during times of pressure, serious market participants seek the clearest regulatory environment rather than the most lenient jurisdictions.

According to CoinDesk, Bitcoin is currently hovering around $75,000, facing supply pressure, but institutional demand remains stable.Market sentiment is boosted by news of the extended ceasefire between the U.S. and Iran. The dollar has fallen to a near six-week low, and U.S. Treasury yields have also declined, conditions that typically support cryptocurrency prices; gold has risen in tandem, indicating that the market is seeking a balance between risk appetite and safe-haven demand.On-chain data shows that when prices reach a key cost benchmark for short-term holders, Bitcoin often experiences a supply surge. This level is around $76,800, which could constitute significant resistance, at which point investors may choose to take profits when breaking even.The newly established MSBT fund under Morgan Stanley has quickly attracted over $100 million in inflows due to the market's lowest fee rates, prompting competitors like Goldman Sachs to initiate a new round of competition.Meanwhile, the U.S. blockade of Iranian ports and Iran's threats to disrupt shipping in the Persian Gulf continue to cast a shadow over the global economic outlook. The impact on energy supply has begun to raise inflation expectations, which may influence central bank policy direction and, in turn, affect the cryptocurrency market.

According to Arkham monitoring, Dragonfly received 55.8 million LIT from Lighter. Analysis indicates that this may be the investor token share of Dragonfly, which will be locked for 1 year and will be unlocked in phases after the TGE. It is expected that these tokens will not be liquid again before December 30, 2026.

According to Santiment monitoring, small retail traders are actively selling their holdings of Ethereum (ETH), with wallets holding 0.01 ETH or less having reduced their holdings by a total of 1,791 ETH (approximately 4.16 million USD) in the past two days. The market generally views the 17% increase since March 29 as a "Bull Trap," and this sentiment has actually strengthened the likelihood of a continued bullish momentum.

According to a report by Bloomberg, a recent study shows that many cryptocurrency investors in the United States may not have reported their digital asset holdings to the Internal Revenue Service (IRS). Tyler Menzer, an assistant professor at Texas Christian University, and his co-authors found that between 2013 and 2021, only 6.5% of taxpayers reported cryptocurrency sales, while surveys during the same period indicated that 12% to 21% of American adults had held cryptocurrency. The analysis suggests that some investors failed to accurately report income and transactions related to cryptocurrency, potentially leading to tax revenue loss.The study found that cryptocurrency holders are more likely to hold meme tokens, are younger, and have lower incomes, with trading behaviors significantly differing from traditional stock investors. CoinTracker data shows that for the 2025 tax year, cryptocurrency investors are required to report an average of 836 transactions, with average short-term losses of $636 and average long-term gains of $2,692.

According to Jinshi reports, the Bank of America Global Fund Manager Survey shows that 58% of investors expect the Federal Reserve to cut interest rates within the next 12 months, while 46% of investors expect the European Central Bank to raise interest rates within the next 12 months.

According to the Financial Times, OpenAI investors are questioning its $852 billion valuation, stating that its strategy is shifting. Some OpenAI investors have indicated that these changes may make OpenAI vulnerable to threats from Anthropic and Google.

According to official news, Genius has announced that the airdrop is now open for claiming, and all Shuttle Labs team members and investors will lock their tokens for at least 1 year.

According to PR Newswire, fintech company Superstate announced the completion of a Series B funding round, with asset management giant Invesco Private Capital, a subsidiary of Invesco, as a new investor, although the amount has not been disclosed.At the same time, Invesco will serve as the investment manager for Superstate's flagship tokenized fund USTB (Short-Term U.S. Treasury Fund) starting in Q2 2026. The fund has a size of approximately $900 million, making it one of the largest tokenized government bond products globally. After the handover, the fund will be renamed, while Superstate will retain the function of digital transfer agency. This move marks Invesco's full entry into the blockchain fund sector.

According to DL News, STS Digital's CEO Maxime Seiler stated that Bitcoin traders are increasingly positioning themselves for a price decline.In a report, he noted that the demand for put options is significantly higher than that for call options, with investors paying a premium for downside protection while selling off bullish bets, reflecting a sense of panic in the market. This bearish signal comes as Bitcoin's trading price hovers slightly above $70,000.Previously, Bitcoin fell nearly 4% over the weekend due to President Trump's threat to block the Strait of Hormuz. On Monday, the U.S. Central Command announced that the Navy would intercept all vessels entering or leaving Iranian ports starting at 10 AM Eastern Time, causing oil prices to rebound above $100 per barrel.High oil prices mean rising inflationary pressures, which will be a major focus for global central bank governors at their meeting in late April. The prices of risk assets like Bitcoin are highly dependent on the policies of these institutions, as they determine the money supply in the financial system. The unresolved Middle East conflict will remain a focal point for the market this week.