Connecticut Orders Kalshi, Robinhood, Crypto.com to Cease Sports Betting Operations

April 2: DeFi Protocol Drift Hack Causes ~$1.556B Loss for JLP Jupiter Officials Confirm Platform Unscathed, Jupiter Lend Uninvolved in Drift Market JLP Assets "Fully Backed by Underlying Assets," Jupiter Says On April 2, the Solana-based DeFi protocol Drift was targeted in a hack, resulting in an estimated $1.556 billion loss for JLP. In response, Jupiter officials issued a statement clarifying: - The platform was not impacted by the incident. - Its lending product, Jupiter Lend, did not engage with the Drift market. - JLP assets remain "fully backed by underlying assets." Jupiter also characterized the event as a "difficult day" for the Solana DeFi ecosystem, expressing concern for the Drift team and affected users.

On April 2nd, Bloomberg reported that crypto data platform CryptoQuant noted Bitcoin’s overall demand remains under pressure despite renewed ETF inflows and ongoing accumulation in strategies. As of March 30th, data shows Bitcoin’s “apparent demand” — demand relative to new supply — was negative by roughly 63,000 coins, reflecting that selling by large holders is the dominant market driver. The report points out that selling by retail investors and other participants has outpaced incremental institutional buying, and demand has been contracting since late November 2025 — signaling the market remains in a distribution phase. Whales that accumulated around 200,000 Bitcoin during the 2024 bull run began large-scale distribution in mid-2025, with selling accelerating in Q4 2025. Buying by mid-sized investors has also slowed.

On April 2nd, the White House announced President Trump will address the nation at 9 p.m. Eastern Time (ET) on April 1st regarding Iran’s Operation Epic Fury, delivering an “important update.” Prior to the address, White House officials hinted the U.S. military operation has “met or exceeded benchmarks” and will reiterate the timeline to wrap up the operation within two to three weeks. Against this backdrop, markets reacted positively: stock indices rebounded, oil prices fell. The mainstream narrative frames the address as a key signal of risk mitigation. But the White House also stressed allies need to contribute more “in effort and financially,” shifting from “the U.S. can handle it” to urging allies to take responsibility. This has sparked speculation it may be a prelude to external negotiations, not just a simple final declaration. Trump recently criticized some NATO allies for not joining the action and hinted the U.S. may reassess its NATO role. The mainstream view sees the

April 2 – Spot gold climbed 0.8% intraday, briefly topping $4,800 an ounce to notch a fifth straight gain. Market analysts cite a confluence of geopolitical tensions and policy expectations as driving continued safe-haven fund inflows into gold. On the news front, former President Trump is set to announce during gold trading hours that U.S. military action against Iran has “achieved all objectives,” signaling the end of the conflict and laying groundwork for a gradual U.S. withdrawal. Separately, the U.S. may transfer oversight of shipping in the Strait of Hormuz to NATO, European nations, and Gulf countries—indicating Washington is seeking a “dignified exit” path. Against a backdrop of ongoing Iranian restrictions on Strait navigation and international oil prices topping $100 a barrel, market concerns over Middle East uncertainty and energy shocks are mounting. Combined with policy tensions and alliance rifts amid expectations the war is winding down, stronger safe-haven demand

April 2 (Financial Times) — Sources revealed that former U.S. President Donald Trump threatened to halt weapons supplies to Ukraine unless European nations joined the Strait of Hormuz Alliance. Last month, Trump requested NATO navies to help reopen the strait, but European governments rejected the proposal. Three officials familiar with the discussions said Trump responded by threatening to cut off support for the "Prioritized Ukraine Resilience on Land" (PURL) project. Under pressure from NATO Secretary-General Jens Stoltenberg, key member states including France, Germany and the UK rushed to issue a joint statement on March 19, stating: "We are prepared to make an appropriate contribution to ensure safe passage through the Strait of Hormuz." One official familiar with the talks noted: "Stoltenberg pushed for this joint statement because Trump had threatened to withdraw from the Transatlantic Partnership Alliance and fully pull out of Ukrainian affairs." (Golden Finance)

April 2 – Per The New York Times, U.S. officials confirmed that multiple U.S. intelligence agencies have recently assessed the Iranian government is currently unwilling to engage in substantive negotiations to end the U.S.-Iran war. The assessment concludes Iran views itself in a strong position in the conflict and has no need to comply with U.S. diplomatic requests, officials said. Iran is willing to keep lines of communication open, they added, but it does not trust the U.S. and believes former President Trump was not sincere in negotiations. Trump twice ordered strikes against Iran during nuclear program talks over the past year. These assessments align with recent statements from Iranian officials. U.S. and Iranian officials have noted the two sides are exchanging messages via intermediaries and possibly direct channels, but have not negotiated ceasefire or war-ending terms. (FXStreet)