If Bitcoin breaks through $86,000, the mainstream CEX aggregate short liquidation intensity will reach 9.12 billion

April 20 — U.S. officials told the Wall Street Journal (WSJ) that the United Arab Emirates (UAE) is negotiating with the U.S. over potential financial support if a possible war with Iran throws the oil-rich Gulf state into crisis. Last week, UAE Central Bank Governor Al Barami met with U.S. Treasury Secretary Janet Yellen and officials from the Treasury Department and Federal Reserve in Washington, where he proposed a currency swap. The UAE emphasized it has not yet faced the conflict’s most severe economic impacts but may still need financial assistance. The UAE has not formally requested the swap. The measure would let the UAE central bank access U.S. dollars at low cost to support its currency or boost foreign exchange reserves during a liquidity crunch. U.S. officials characterized the proposal as preliminary and precautionary in recent discussions.

Local time April 19 — Rezaee Kouchi, chairman of Iran’s Parliament Civil Engineering Committee, announced Monday that Iran has drafted a comprehensive law governing the Strait of Hormuz, with the legislation set to be finalized imminently. Key provisions of the proposed law include: - A ban on the passage of goods and vessels linked to the Israeli regime through the strait; - Prohibition of war-torn countries from transiting the strait without prior approval from Iran’s Supreme National Security Council; - A transit ban for any country that harms Iran, until the nation pays required compensation; - Mandatory transit fees in Iranian Rial for foreign vessels, with 30% of revenue earmarked for strengthening Iran’s armed forces and 70% for improving public livelihoods. The report was filed by Jinse.

April 20 — According to Politico, the UAE’s Minister of State reported Sunday that the country was targeted by more than 2,800 missiles and drones in the first 40 days of the U.S.-Iran war, with over 90% of the targets being civilian infrastructure. UAE Minister of State for International Cooperation Reem Al Hashimy said Sunday local time that Iran is seeking to destroy the UAE’s “model of prosperity and tolerance.” Asked if she agrees with Trump’s assessment on regime change in Iran, Hashimy expressed doubt about whether there has been a substantive shift in Iran’s leadership. “I know there have been personnel changes — different figures are now in place,” she noted. “But how that impacts the nature of the Revolutionary Guard remains to be seen, and it doesn’t look promising at the moment.” When asked about concerns over Trump’s threats, Hashimy stated the UAE views “maximum pressure” as necessary for progress, while warning against attacks on civilians. (Source: FXStreet)

April 20th — U.S. officials said Vice President Vance will lead a delegation to Islamabad for new talks with Iran on Tuesday night, ahead of the ceasefire’s expiration, per an Axios report. The meeting could offer a last-minute chance for an agreement or ceasefire extension—though Iran hasn’t confirmed it will participate, raising concerns it may be a White House ploy. Local time Sunday, Trump told Axios in a brief call he’s optimistic about the proposed talks. “I feel good about it. The agreement’s framework is already done. I think we’re very likely to finalize it,” he said. Iran, however, is downplaying expectations, suspecting Trump’s talk of an agreement could be a cover for a U.S. strike. As of Sunday afternoon, Iran hadn’t confirmed sending negotiators to Islamabad—multiple Iranian officials suggested Trump’s real goal may be to reignite the conflict. Iran’s state news agency denied the talks were planned, citing the Trump administration’s “unreasonable, unrealistic demand

April 20 — Iran dismissed reports of planned second-round talks in Islamabad on Wednesday, noting that U.S. excessive, unreasonable demands, shifting positions, ongoing naval blockade and threatening rhetoric have so far stalled negotiations, leaving the prospect of successful talks uncertain. Earlier, Iran’s state news agency IRNA announced in an English social media post on April 19 that Tehran had rejected taking part in the second round of U.S.-Iran talks. (Source: FX Street)

**April 20 News Brief** U.S. President Donald Trump tweeted on April 20: "Today, the Iranian-flagged cargo vessel TOUSKA—nearly 900 feet long and weighing roughly as much as an aircraft carrier—attempted to breach U.S. naval forces’ blockade. The outcome was not favorable. "A U.S. Spruance-class destroyer intercepted the ship in the Gulf of Oman and issued a clear warning. When the Iranian crew refused to comply, our naval vessel disabled TOUSKA by puncturing its hull. U.S. Marine Corps personnel have since seized the ship. "The TOUSKA is subject to U.S. Treasury Department sanctions due to past illicit activities. We currently hold full control of the vessel and are investigating its onboard cargo."