Analysis: Yen Carry Trade has significantly shrunk, Bitcoin may strengthen after the Bank of Japan's policy pressure is released

April 2 — Perp DEX has seen a gradual drop in total fees amid a market downturn, per DefiLlama data, while HyperLiquid’s market share is on the rise. Currently, HyperLiquid accounts for 50% of Perp DEX’s fee volume, with HIP-3 Commodities & Stocks making up 40% of HyperLiquid’s trading volume.

On April 2nd, HyperInsight monitoring (via its Telegram channel: https://t.me/HyperInsight) reported that U.S.-Iran tensions have lifted oil prices. Brent Crude Oil contracts on Hyperliquid briefly broke above $109, with a critical risk: if prices climb above $110, the wallet address 0x8def... (linked to Loracle, a Hyperliquid early contributor) could face partial liquidation. That whale currently holds a $5.18 million short position in Brent crude, with an average entry price of $109 and a liquidation threshold of $111 — making it the position most at risk of liquidation on-chain. Separately, the largest long position address closest to liquidation (0x965...) has a liquidation price of $104.8 and a position size of $4.538 million. Notably, this address is deep in unrealized losses on its S&P 500 short position, leaving no excess margin in its account to support its leveraged Brent crude long position.

Per Onchainlens data, a crypto whale deposited $4.97M into HyperLiquid two weeks prior to April 2. The whale has now opened a small 3x-leveraged BRENTOIL (Brent Crude Oil) short position and may add to this position or launch other trades down the line.

April 2nd: Per HyperInsight monitoring (via t.me/HyperInsight), a wallet address starting with 0xec4 has opened a new 40x-leveraged short position on BTC. Key details: - Average entry price: $66,522 - Position size: $13.3 million - Current status: Slightly profitable (~$3,600, +1.09%) Additionally, the same address holds a day-traded 20x-leveraged long position in Brent Crude Oil (BRENTOIL): - Position size: $2.16 million - Realized profit: $160,000 (20% return) - Context: May reflect anticipation of further escalation in the US-Iran situation

On April 2nd, Onchain Lens monitoring indicates that "Brother Ma" Huang Lizheng has just deposited 300,000 USDC into HyperLiquid to expand his ETH long position (25x leverage). His current losses on HyperLiquid have exceeded $31.29 million.

Binance Alpha has added support for Checkmate (CHECK) as of April 2nd, per official sources. Users holding at least 242 Binance Alpha Points qualify for a 500 CHECK token airdrop, available on a first-come, first-served basis. If the reward pool isn’t fully distributed, the points threshold will drop by 5 points automatically every 5 minutes. Claiming the airdrop requires 15 Binance Alpha Points. Users must confirm receipt via the Alpha event page within 24 hours—failure to do so will result in a waiver.