U.S. CPI: +2.9% YEAR-OVER-YEAR (EST. +2.9%); U.S. CORE CPI: +3.2% YEAR-OVER-YEAR (EST. +3.3%)

April 11th — Per EmberCN data, a whale or institution holding 59% of NOM’s circulating supply has sent 7.68 billion NOM to Binance over the past hour, valued at roughly $3.73 million. Since last night, the entity has transferred a total of 14.42 billion NOM to the exchange, worth approximately $7.67 million. Meanwhile, NOM’s price has dropped 39% in the last 24 hours.

April 11th Per Bloomberg, the Federal Reserve is reportedly asking major banks detailed questions about their risk exposure in the private lending sector—driven by a surge in redemption requests for related funds and a steady rise in non-performing loans. The Treasury Department is also simultaneously probing the insurance industry to fully assess the $1.8 trillion private lending industry’s overall pressure and the risk of those issues spreading to the broader financial system. BitMEX co-founder Arthur Hayes weighed in from afar, saying: “I hope it’s big enough so we can print money to save the market.” In short, if the regulatory review uncovers systemic risks, it could pressure the Fed to restart easing and inject large-scale liquidity—potentially benefiting the crypto market.

**April 11** A U.S. bank’s April 10 research report noted that global oil dependence has waned gradually since the 1970s: today, generating the same level of GDP requires just one-third the oil needed in the 1970s. OPEC crises and subsequent oil shocks were once viewed as severe stagflationary shocks, but the global economy is now more resilient to energy shocks of similar magnitude. **Huatai Securities Update** Huatai Securities noted in a research report that geopolitical tensions have dented global risk appetite since March—but gold has failed to act as a safe haven as expected, instead tracking risk assets’ ups and downs. Since U.S.-Iran tensions flared in March, gold has seen a maximum drawdown of over 17% before rebounding from its lows as tensions eased. The firm cited several drivers for the gold selloff: overcrowded positions earlier this year, liquidity shocks, sales by some central banks, and funds flowing into energy products instead.

**Hong Kong Grants First Stablecoin Issuer Licenses (Valid Through 2026)** The Hong Kong Monetary Authority (HKMA) issued the first batch of stablecoin issuer licenses on April 11, valid through April 2026. Among the licensees is Anchorpoint Financial Limited—a joint venture of Standard Chartered Bank Hong Kong (SCBHK), Hong Kong Telecom (HKT), and Animoca Brands. Anchorpoint plans to gradually roll out HKDAP (Hong Kong Dollar Anchored Payment), a HKD-pegged stablecoin, starting in Q2 2025. Operating on a B2B2C model, the stablecoin will be available to the public via authorized distributors. The firm focuses on settling and distributing tokenized real-world assets, as well as facilitating cross-border capital flows and payments, with the goal of upgrading financial infrastructure in Hong Kong and across Asia. “The launch of HKDAP will reshape financial markets and advance next-generation international trade,” said Tan Tock Siong, Group CEO of Standard Chartered. Anchorp

April 11 — Per Lookonchain data, whales and institutional investors continue accumulating Ethereum (ETH). A wallet linked to Cumberland has withdrawn 26,500 ETH (valued at approximately $59.52 million) from exchanges OKX, Binance, Bybit, and Coinbase over the past 12 hours.

April 11 (WSJ) — Iran still holds thousands of ballistic missiles, capable of being launched after retrieving launchers from underground storage sites, per U.S. intelligence officials familiar with the assessments. Some U.S. officials warn Iran could use a ceasefire to reconstitute part of its missile arsenal. U.S. intelligence notes Iran retains the ability to rebuild some missile capabilities: while over half its missile launchers are destroyed, damaged, or trapped underground, a significant number of remaining ones can be repaired or excavated from underground facilities. U.S. and Israeli officials say Iran’s missile stockpile has shrunk by roughly half amid the conflict, but it still holds thousands of short- and medium-range ballistic missiles (retrievable from hiding spots or underground). Iran also maintains a small cruise missile stockpile — these could target Persian Gulf ships or U.S. forces attempting to seize islands if U.S.-Iran negotiations collapse, per U.S. offici