Glassnode: Bitcoin $72k Resistance Accumulating, Downside Risk High if Bounce Weakens

April 7: A senior U.S. official told Fox News the port was not the intended target of the strike. U.S. targets on Harfleur Island include bunkers, radar sites and ammunition depots. The port would only be affected if Iranians fire weapons nearby.

April 7 — AXIOS reporters cited a U.S. official as saying the U.S. military carried out a strike on military targets on Halk Island. (Golden Finance)

Wintermute’s latest weekly report (April 7) notes last week’s markets were entirely driven by geopolitical news: - **Tuesday**: Iranian president signaled a ceasefire, sparking a roughly 2.9% jump in the S&P 500 and a drop in Brent crude to $105/bbl. - **Wednesday**: Trump delivered a hardline speech, pledging “very severe” action against Iran within 2-3 weeks and stating no intent to reopen the Strait of Hormuz. - **Thursday**: WTI crude surged over 11% to above $111/bbl; Asian markets tumbled sharply. - **Sunday**: Trump threatened to bomb Iranian bridges and power plants by Tuesday, while saying an agreement is “highly likely” by Monday. A 45-day ceasefire framework is under discussion. ### Macro Updates - The 10-year U.S. Treasury yield currently stands at 4.36% (a 40bps rise since the conflict erupted). - Swap markets price in **zero chance of a rate cut** at the Fed’s April 28-29 meeting. - PCE data (Fed’s preferred inflation gauge) is due Thursday; markets wat

April 7th – Cryptocurrency analyst Axel posted a report on social media, noting Bitcoin’s current retracement is far smaller than the 64.3% drop in 2017-18 and the same period in 2021-22, aligning more closely with the milder 2013-15 scenario. That said, he emphasized the bottom has not been confirmed yet. Bitcoin is currently trading just above 1.25x its realized price ($67,675), placing it in a critical valuation range. The market structure will remain somewhat neutral if this range holds, or if prices rebound quickly after a brief dip below it. Should the support zone continue to break down, there’s a high likelihood of further declines to the $54,140 range near its realized price (between $54k and $58k).

DL News reported on April 7 that as USDC trading volume continues to surge in South Korea, Circle CEO Jeremy Allaire plans to visit the country next week. He will meet with executives from major commercial banks and top cryptocurrency exchanges to discuss three key areas: USDC’s use cases in South Korea, international payment collaborations, and plans for a Korean won-backed stablecoin. On the banking front, Allaire intends to hold consecutive meetings with key leaders at leading institutions including KB Kookmin Bank, Shinhan Bank, and Hana Bank. Notably, KB Kookmin Bank met with Circle last June and has completed a feasibility concept test using the Circle Mint platform. For cryptocurrency exchanges, Allaire will also meet with Upbit operator Dunamu, plus executives from Bithumb, Coinone, and other exchanges. Discussions will cover expanding USDC adoption, South Korea’s payment ecosystem, and measures to support cross-chain technology.

April 7th — Per DefiLlama data, HIP-3 ecosystem project TradeXYZ has seen its trading volume climb steadily, with total volume topping $24 billion and open interest exceeding $22 billion. Both metrics outpace other platforms, and TradeXYZ now accounts for 38% of Hyperliquid’s total trading volume. Below are the top perpetual DEXs by 24-hour trading volume: - Hyperliquid (including TradeXYZ): 24h trading volume ~$71 billion; open interest ~$76.3 billion - TradeXYZ: 24h trading volume ~$24.18 billion; open interest ~$22.33 billion - EdgeX: 24h trading volume ~$22.15 billion; open interest ~$10.01 billion - Lighter: 24h trading volume ~$18.8 billion; open interest ~$6.61 billion - Aster: 24h trading volume ~$18.29 billion; open interest ~$18.03 billion - Pacifica: 24h trading volume ~$4.31 billion; open interest ~$78.93 million [Hyperliquid](https://app.hyperliquid.xyz/join/NTOD) [Lighter](https://app.lighter.xyz/?referral=70045843) [Aster](https://www.asterdex.com/