Bitcoin (BTC) continues the early-week rally. As of April 1, it is temporarily around $68,060. U.S. President Trump said the war with Iran will be over within 2 to 3 weeks. Bitfarms will rename to Keel and plans to sell $161 million worth of Bitcoin as an AI bet. Tether fired two senior gold traders who were recruited from HSBC a few months ago.
Macro Events & Crypto Market Hotspots
1、The Nasdaq-listed Bitcoin miner Bitfarms disclosed revenue of $229 million for fiscal year 2025, up 72% year over year, but it has continued to operate with a net operating loss of $209 million. As of March 27, its cash and Bitcoin liquidity was about $520 million. The company also announced that shareholders have approved that, at the earliest, by April 1, 2026 it will complete a move to the United States and rename to Keel Infrastructure. The stock ticker is expected to change to KEEL. At the same time, the company also plans to “selectively” sell about 2,400 BTC, worth about $161 million, to invest in HPC and AI infrastructure, further diluting its positioning as a pure-play Bitcoin miner.
2、According to a report by Bloomberg, stablecoin issuer Tether dismissed two senior precious-metals traders, Vincent Domien and Mathew O’Neill, who were recruited from HSBC a few months earlier. Previously, the two served respectively as HSBC Global Metals Trading Head and top sales. They were hired to help Tether professionalize gold procurement and proactively manage its gold reserves.
Tether responded that the company has always sought to keep the team lean and continues to optimize operations. Tether holds about 140 metric tons of gold, mainly used to support USDT and its smaller gold-backed token, XAUT. With gold recently experiencing the largest monthly decline since 2008, compounded by a drop in Bitcoin prices, it may put pressure on Tether’s investment portfolio.
Market Performance
1、Latest Bitcoin news: $BTC continues the early-week rally, temporarily around $68,060. Over the past 24 hours, $136 million has been liquidated, with long liquidations leading, and long liquidations taking the lead;
2、On April 1, the U.S. stock market staged a defensive rebound on the last trading day of the first quarter, and all three major indexes posted their best single-day performance since 2026. U.S. President Trump hinted at willingness to end the war, and Iran also expressed its willingness to end the conflict. Encouraged by this, oil prices pulled back from their highs, and funds poured heavily into technology stocks and airline stocks. The Philadelphia semiconductor index surged by more than 6%. The Dow Jones Industrial Average jumped by 1,125 points, up 2.5%, closing at 46,341.51. The S&P 500 rose by 184.80 points, up 2.9%, closing at 6,528.52. The Nasdaq Composite surged by 795.80 points, up 3.8%, closing at 21,590.63.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, based on the current 68,236.90 USDT. If it falls to around $66,033, the total liquidation amount for long positions will exceed $253 million. If it rises to around $68,750, the total liquidation amount for short positions will exceed $187 million. The liquidation amount for shorts is lower than for longs. It is recommended to reasonably control leverage ratios and avoid triggering large-scale liquidations when market conditions change.
（Source: Coinglass）
4、Over the past 24 hours, BTC spot inflows were $2.64 billion, outflows were $2.67 billion, for a net outflow of $0.3 billion.
（Source: Coinglass）
5、Over the past 24 hours, net outflows for contracts trading such as $ETH, $BTC, $ZEC, $SIREN, and $HYPE led the way, with trading opportunities present.
Selected Views from X KOLs
Phyrex Ni (@Phyrex_Ni): 「My head hurts. The main issue is that there are so many headlines today that I can’t tell which one is real and which one is fake. On one hand, almost all media outlets are saying Iran is preparing to stop hostilities. On the other hand, from the reporting you can tell that this was said on March 30, but the effect is happening now. After media coverage, oil prices dropped instantly, U.S. stocks rebounded instantly, going directly from a downtrend to a rally of more than 3%. Even $BTC is up by more than 2%.」
「Honestly, what matters less is what the real situation is now, because after the news was released, the U.S. continues to keep firing at Iran, and Iran also continues to carry out attacks on the U.S. and its allies. At the very least, the war hasn’t stopped. Iran’s diplomatic envoy even directly called into Al Jazeera’s Peninsula TV and said there is no intention to negotiate with the U.S., and it denied preparing for a ceasefire. The war really is still being fought.」
「Right when the U.S. stock market wrapped up, Trump suddenly made a speech saying the war against Iran is nearing its end. Up to last week, I would believe what Trump said. But regarding what he said now, I’m skeptical. Even if the U.S. sent more troops, and even if there is ground combat, it may still not be able to just knock out a country with more than a thousand years of faith.」
「Coming back to the Bitcoin data, the turnover rate isn’t high, and trading volume isn’t that high either. It should be that news about Iran’s ceasefire boosted market sentiment. Although that’s a good thing, I don’t know whether this kind of sentiment will end quickly if the short-term war can’t actually be concluded. U.S. oil prices are still around $102. Even though they’ve fallen, it’s not by much. That also suggests the market doesn’t have very strong confidence that the war will end.」
「Trump also has a lot going on domestically lately. On the 1st there’s also a hearing. Trump wants to cancel the law that makes people born in the U.S. citizens. Also, a judge issued an order temporarily stopping Trump’s White House ballroom events. Behind him, there are also traps to fill—tariffs and the Federal Reserve chairperson, and so on.」
Today’s Preview
1、France March Manufacturing PMI final value, prior value was 50.2
2、Germany March Manufacturing PMI final value, prior value was 51.7
3、Eurozone March Manufacturing PMI final value, prior value was 51.4
4、United Kingdom March Manufacturing PMI (final value), prior value was 51.4
5、Eurozone February unemployment rate, prior value was 6.1%
6、U.S. March ADP employment change (in thousands), prior value was 63.0
7、U.S. February retail sales (month-over-month), prior value was -0.2%
8、U.S. February construction spending (month-over-month), prior value was -0.3%
9、U.S. March ISM Manufacturing PMI, prior value was 52.4
10、U.S. EIA crude oil inventory change for last week (ten-thousand barrels) (as of 0327), prior value was 692.6
