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According to market news, Hyperliquid founder Jeffrey Yan received an investment intention based on a valuation of about $1 billion and a scale of about $100 million less than a year after the project went live. However, after careful consideration, he ultimately chose to reject the investment terms.Reports indicate that before and after the financing proposal was made, the team had been continuously using personal funds to maintain operations, consuming the founder's personal finances each month to cover project costs. During the investor's engagement, Jeff communicated with several entrepreneurs and VCs about the nature and significance of financing, but he was never convinced that external capital could enhance its intrinsic value. Ultimately, he clearly informed the team on Monday that he would reject the financing proposal.Relevant insiders described that the team members managing funds were shocked by this decision, as several preparations had already been made around the financing. Jeff's core reason was that Hyperliquid is not a traditional company but an on-chain protocol that needs to maintain neutrality. He believed that once external equity capital was introduced, it could undermine the protocol's permissionless and neutral positioning, conflicting with its long-term design goals.He had previously stated that if Bitcoin had accepted VC financing in its early days, its neutrality narrative might have been weakened. Following the same logic, he chose to continue maintaining Hyperliquid's investor-free structure and to support part of the operating expenses with personal funds in the long term. On January 28, 2024, he summarized the project's principles on social media: · No investors · No paid market makers · No fees charged to the development team (or the development team does not take fees) · No insiders (or internal privileged participants). This statement is also seen as a core footnote to Hyperliquid's extreme decentralization/decapitalization approach.

CryptoQuant analyst Darkfost stated that the current Bitcoin market is entering an early stabilization phase, with long-term holding behavior gradually strengthening, indicating that the market structure may be undergoing a change.Data shows that since October, the number of BTC held for over one year has increased from about 12 million to approximately 12.4 million. Although the increase is still moderate, it reflects a shift in market behavior towards long-term holding. Since mid-December, the 30-day change has consistently remained positive, indicating that investors are more inclined to continue holding rather than distributing their assets. Darkfost pointed out that this change typically signifies a transition from a speculation-dominated phase to a stronger long-term conviction phase. Historically, the proportion of long-term holdings usually declines significantly at market peaks and gradually rises during bear markets, so the current trend can be seen as an early stabilization signal for the market. However, he also emphasized that this indicator belongs to a long-term dimension and typically requires a longer time to form a clear trend, and we are still in the early stages.

Macro analyst Jordi Visser stated that although the market generally expects the cryptocurrency industry to enter a bear market, Bitcoin and Ethereum are less than 10% away from triggering key levels for a trend reversal.He pointed out that if Bitcoin breaks above $76,000 and Ethereum rises above $2,400, it could mark the beginning of a sustained upward trend for the year. Visser believes that the probability of a recession in the U.S. in the short term is low, a judgment that aligns with the pricing of the prediction market Kalshi, which currently estimates the probability of a recession in 2026 to be around 24%.He also noted that in the context of high inflation and a lack of clear growth momentum in traditional markets (such as the S&P 500), funds may continue to flow into asset classes with income potential. However, there are still divergences in the market; veteran trader Peter Brandt recently stated that the low point for Bitcoin this year may not have occurred yet, and prices could retest or even fall below the $60,000 range. Visser emphasized that the market should not be simply divided into bull and bear cycles, but should be judged from a longer-term structural and liquidity change perspective.

After 21 hours of negotiations, U.S. Vice President Vance stated that no agreement was reached, as Iran refused to commit to abandoning its nuclear weapons program. Trump had previously warned that if negotiations failed, he would implement "total destruction" against Iran. The Iranian conflict has shaken the cryptocurrency market for several weeks, compounded by tariff issues, causing Bitcoin to briefly drop below $70,000 earlier this month.Before the negotiations began, crypto analysts indicated that if an agreement were reached, Bitcoin could rise to $80,000; if negotiations broke down, it might fall back to $65,000. Bulls noted that on-chain wallet data showed that the largest Bitcoin whales continued to buy during periods of intense geopolitical turmoil rather than selling. Their logic is that if the conflict escalates further and disrupts oil supply in the Persian Gulf, leading to rising oil prices, inflation, and the Federal Reserve delaying interest rate cuts, scarce assets like Bitcoin and gold tend to perform well in such contexts.On the bearish side, gold trader and long-term Bitcoin skeptic Peter Schiff stated that as the conflict escalates, investors will flee from Bitcoin to gold. Peter Schiff predicted that Bitcoin would "collapse," claiming that gold is the only true safe-haven asset in wartime, and further suggested that insiders within the administration might be profiting from the volatility surrounding the conflict. If Trump follows through on his threat of "total destruction," both the stock market and the crypto market will almost certainly face simultaneous sell-offs.Regarding further developments, Vance maintained a firm stance at the press conference but did not rule out the possibility of continued negotiations. The Speaker of the Iranian Parliament demanded a ceasefire in Lebanon and the unfreezing of assets before participating in formal negotiations. For Bitcoin traders, the next 72 hours hinge on two questions: Can the ceasefire agreement hold, and will Trump escalate the conflict? Currently, there are still whales buying at the current price level, indicating that at least some large investors are betting on a stabilization of the situation.

According to Caixin, U.S. Vice President Vance stated at a press conference that negotiations between the U.S. and Iran have not reached an agreement, and the U.S. negotiating delegation he leads will return home. Vance mentioned that the U.S. side has shown "considerable flexibility and sincerity" during the negotiations and has clearly outlined "acceptable and unacceptable conditions," but the Iranian side "chose not to accept." Vance also revealed that during approximately 21 hours of negotiations, the U.S. delegation maintained communication with President Trump and the national security team, and has presented Iran with a "final proposal," awaiting a response from the other side.

After hitting a bottom of around $60,000, Bitcoin has undergone more than two months of consolidation, with the price gradually climbing towards the $70,000 range.

According to a report from Jinshi citing CCTV News, on the 11th local time, Iranian President Ebrahim Raisi stated on social media that the high-level Iranian delegation heading to Pakistan will fully uphold Iran's national interests and will negotiate with a courageous attitude.He emphasized that regardless of the negotiation results, the Iranian government's work in serving the people will never stop, and the Iranian government will always stand with the people.

According to Cointelegraph, Kaitlin Martin, a senior intelligence analyst at Chainalysis, stated that shipping companies that may use cryptocurrency payments for transit fees to Iran could face serious sanction risks.Under the current sanctions framework, any payments made to the Iranian regime, including those related to key waterways, could be interpreted as "material support," putting companies at risk of violating U.S. and international restrictions.There have been previous reports that Iran may seek to collect transit fees in the form of cryptocurrency. Although not officially confirmed, U.S. President Donald Trump has stated that he would not accept any attempts by Tehran to impose tolls on shipping passing through this important waterway.

According to CoinDesk, amid the ongoing geopolitical conflict between the U.S. and Iran for about six weeks, the Bitcoin market is clearly dividing into two camps: "passive buyers" represented by Strategy and spot ETFs continue to absorb chips, while whales, mining companies, and some sovereign holders are turning to reduce their holdings.The selling side is showing clear signs: whale addresses holding 1,000 to 10,000 BTC have shifted from net buying to significant net selling, with the change in holdings this year moving from approximately +200,000 coins to -188,000 coins; publicly listed mining companies are also concentrating on reducing their holdings under high cost pressure, with weekly sales exceeding 19,000 BTC. Additionally, sovereign holders like Bhutan have reduced their Bitcoin reserves by about 70% since October 2024.Analysis indicates that despite market sentiment once being in an extreme panic zone, Bitcoin prices have remained fluctuating in the range of $65,000 to $73,000, showing that the price "bottom" mainly relies on support from a few institutional buyers. The current market buyer base continues to narrow, and future trends will depend on whether institutional capital inflows can continue and break through key resistance zones.

According to official news, Circle has released its vision for the development of the internet financial system in 2026, proposing to focus on building cross-chain interoperability infrastructure, liquidity orchestration capabilities, and an institutional-grade asset issuance system to promote the efficient flow of value in a multi-chain ecosystem.In terms of cross-chain infrastructure, Circle stated that it will launch features such as "Fast Transfer" in the future, achieving second-level settlement without waiting for final confirmation from the source chain, thus improving the efficiency of fund utilization. In the asset expansion layer, the CCTP plans to extend to more assets beyond USDC, including EURC, USYC, and cirBTC, and support the issuance and circulation of real-world assets (RWA) across multiple chains.In addition, Circle is advancing cross-chain process coordination, simplifying multi-chain operational processes through tools such as Bridge Kit, Deposit Kit, Fee Service, and Workflows, achieving "one-click" cross-chain interaction, reducing development complexity, and enhancing user experience.

According to Cointelegraph, after the release of the U.S. CPI data, Bitcoin briefly rose to $73,000, attempting to refresh the new high for the phase. The data shows that overall inflation in the U.S. is slightly lower than market expectations, but the significant rise in energy prices has created a divergence signal.Specifically, the U.S. CPI rose 3.3% year-on-year, with the month-on-month data 0.1% lower than expected; among them, energy prices increased by 10.9%, and gasoline prices surged by 21.2% month-on-month, marking the largest single-month increase since 1967.The financial market's reaction was relatively restrained, with U.S. stocks opening basically flat, and Bitcoin did not experience significant fluctuations. Meanwhile, influenced by previous PCE data, the market has largely ruled out the possibility of a short-term interest rate cut by the Federal Reserve.On the trading front, analysts believe that Bitcoin is operating within a converging range. If it attempts to hit key highs again in the short term, the market's reaction will become an important signal for subsequent trends, with around $74,000 seen as a key liquidity area.

According to The Block, Bitcoin has continued to fluctuate at high levels this week, with prices remaining above $72,000, influenced by the situation in the Middle East and U.S. CPI inflation data. The spot Bitcoin ETF recorded a net inflow of $358 million, while Ethereum funds saw an additional approximately $85 million in funding.Analysts point out that although the risk premium has decreased due to the ceasefire in the Middle East, the market has not yet returned to normal, with oil prices, interest rates, and crypto assets closely linked. The March CPI increased by 3.3% year-on-year, slightly below expectations, with rising energy costs being the main driver. Institutional investors remain cautious about risks, and the options market indicates that summer volatility may tend to calm down. The current Bitcoin trend is driven by macroeconomic and geopolitical factors, with traders waiting for more data to determine the subsequent direction.

According to Jinshi reports, the seasonally adjusted Consumer Price Index (CPI) for March in the United States was 0.9%, in line with market expectations, with a previous value of 0.3%.

According to Jinshi reports, the U.S. seasonally adjusted core CPI year-on-year for March was 2.6%, expected to be 2.7%, and the previous value was 2.50%.

According to CoinDesk, Bitcoin has risen nearly 7% since Sunday, but the upward momentum has slowed after reaching the $72,000 range, with institutional fund direction unclear. The market is focused on two major uncertainties: the U.S. March CPI data (expected to exceed 3% year-on-year, driven by energy prices) and the progress of U.S.-Iran negotiations over the weekend.The options market shows that institutions are simultaneously favoring $80,000 call options on Deribit and BlackRock's IBIT-related call options while maintaining a high proportion of put options to hedge against downside risks. If the CPI exceeds expectations, it may strengthen the Federal Reserve's interest rate hike expectations, putting pressure on risk assets, including Bitcoin.

Bloomberg senior ETF analyst Eric Balchunas stated on the X platform that as the market focuses on the launch of the Morgan Stanley Bitcoin ETF MSBT, the Bitcoin After Dark ETF (NGHT) was also launched this Wednesday. The product had a mediocre performance on its first day of trading, but trading volume significantly increased on the second day, and its future performance remains to be seen.Historical research shows that "night returns" often outperform daytime returns, but for long-term ETF investors, holding products like MSBT can cover both day and night returns, so the impact of the difference is limited. However, if NGHT sees strong inflows in the future, it may gain market recognition; conversely, it could quickly become marginalized. The Morgan Stanley Bitcoin ETF, with its channel distribution advantage, is expected to achieve great success.

According to CoinDesk, the cryptocurrency market is generally stabilizing, with Bitcoin slightly fluctuating around $71,700 and Ethereum at $2,180, continuing the low volatility trend of the past few months.In terms of technical indicators, Bitcoin's daily Bollinger Bands have narrowed to their tightest level since early 2024. Crypto analyst Eric Crown noted that since early February, Bitcoin's price has remained within the range of $63,000 to $75,000, and historically, whenever such a narrow range occurs, the price eventually experiences about a 40% fluctuation.According to CoinGlass's liquidation heat map, if Bitcoin breaks above $75,000, it will trigger upward momentum, forcing short sellers to cover their positions; if it falls below $70,000 in the short term, approximately $200 million in long positions betting on a breakout will be liquidated.One of the key catalysts on Friday is the U.S. Consumer Price Index (CPI) data. The inflation rate for March is expected to be 3.3% year-on-year, driven by soaring energy prices. Higher inflation data often strengthens the dollar, which in turn puts pressure on risk assets like Bitcoin.

The commodity market is significantly affected by geopolitical fluctuations, and the price of crude oil continues to oscillate at high levels. According to Gate's market data, WTI crude oil (XTIUSDT) is currently priced at $94.51, down 1.51% in the last 24 hours; Brent crude oil (XBR) is currently priced at $93.90, down 1.87% in the last 24 hours. Against the backdrop of increased price volatility, the trading volume of related contracts has also risen.According to CoinGlass data, the trading volume for Gate's XTI (WTI crude oil) contracts in the last 24 hours is approximately $30.43 million, with an open interest (OI) of about $7.26 million; the XBR (Brent crude oil) contracts have a trading volume of $14.03 million in the last 24 hours, with an open interest (OI) of about $4.65 million, ranking first in the industry.Currently, Gate's contract sector has fully covered traditional financial assets including stocks (63 types), metals (12 types), indices (15 types), foreign exchange (3 types), and commodities (3 types). The trading targets include mainstream varieties such as gold, silver, platinum, crude oil, natural gas, euro, pound, Dow Jones Industrial Average, Hang Seng Index, etc., supporting continuous trading 7×24 hours, with a maximum leverage of 100 times, continuously creating an efficient multi-asset one-stop trading platform for global users.

The National Internet Information Office, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Administration for Market Regulation jointly announced the "Interim Measures for the Management of Humanized Interactive Services in Artificial Intelligence," which will take effect on July 15, 2026.The "Measures" implement the concept of people-oriented and benevolent intelligence, clarifying the principle that the country insists on balancing development and security, promoting innovation and legal governance, encouraging innovative development of humanized interactive services, and implementing inclusive, prudent, and classified regulatory measures for humanized interactive services; it proposes measures to promote humanized interactive services, clarifying support for technological research and development innovation, and encouraging orderly expansion of applications in related fields such as cultural dissemination and elderly companionship.It stipulates the basic requirements for providing humanized interactive services, clearly stating that activities that generate harm to national security, honor, and interests, incite subversion of state power, or overthrow the socialist system are prohibited, and specifies the safety management obligations of humanized interactive service providers; it improves the protection system for the rights and interests of internet users, stipulating the obligations of humanized interactive service providers regarding the protection of minors, the elderly, and personal information.In addition, the "Measures" also stipulate systems for safety assessments, algorithm filing, and guiding the promotion of the construction of safe service platforms for artificial intelligence sandboxes.

According to Jinshi reports, ING analyst Francesco Pesole stated that if the U.S. CPI data shows a significant acceleration in March inflation driven by rising energy prices due to the Iran war, the dollar may gain support.Although the situation in the Middle East remains a major driving factor, the threshold for further declines in the dollar today should be raised. He also pointed out that the Federal Reserve needs to pay attention in the coming months to whether core inflation will experience a second-round effect, where businesses pass on higher costs through prices and wages.