On April 6, BIT released a report stating that market trading volumes have shrunk. Bitcoin ETFs saw net inflows of $1.3 billion, while Ethereum continued to experience outflows. Geopolitical risks have not dissipated, and put-option strategies are increasingly favored. The Ethereum options market has shown significant changes, with traders choosing to sell call options more often to earn premiums.

Arthur Hayes said on a podcast that, because the Federal Reserve has not expanded liquidity, he will not put more money into Bitcoin. He expects his medium- to long-term target price to be between $250,000 and $750,000. He warned that if the Iran–U.S. conflict continues, Bitcoin could fall below $60,000 in the short term. Meanwhile, Charles Schwab will launch spot trading for Bitcoin and Ethereum. Research shows that after major shocks, Bitcoin has performed better than gold and the S&P 500, and its current price has rebounded to $67,300.

VanEck research chief Matthew Sigel noted that protective demand in the Bitcoin derivatives market has reached a historical high, suggesting the market may be suitable for establishing long positions. At the same time, he warned that high spending in the AI sector without returns could put pressure on the market.

On April 5, during a Polymarket prediction event, an account with a 42.1% win probability bet $490k that Arizona would beat Michigan, with an opening position average price of 50¢. The game will be played at 8:49 a.m. Beijing time this morning, and the suspense lies in the offensive and defensive matchups between the two teams.

VanEck Research head Matthew Sigel said that demand for hedging in the Bitcoin derivatives market has reached the 99th percentile in history, suggesting that it may be suitable to establish long positions. At the same time, he warned that high capital expenditures in the artificial intelligence sector could put pressure on the market, especially in the S&P 500.

A research report from China International Capital Corporation (CICC) notes that the Iran–U.S. conflict has pushed up oil prices, increasing inflation risks, affecting expectations for Fed rate cuts, and driving selling of gold ETFs. Geopolitical developments put oil prices at a crossroads, while the gold market is focused on how an economic downturn could affect it; in the future, it may reassess expectations for rate hikes. Demand for gold investment and prices may have room to rise.

At EthCC 2026, Offchain Labs’ Edward Felten said that Ethereum L2 networks need to introduce a “responsive pricing” mechanism to reduce fee volatility and support hundreds of millions of users. Even though EIP-1559 has improved fee mechanics, Gas price volatility still affects user acceptance. Today, the industry focus has shifted to how to make costs more predictable—Arbitrum One has already been the first to put a dynamic pricing mechanism into practice.

Before Bitcoin and Ethereum options expire, the market saw a large “whale” move: first going long, then switching to buy put options, signaling caution about the price. With Bitcoin currently around $66,575, the key range is between $66k and $68k, and the market expects future price volatility to increase. This move reflects professional capital reassessing the near-term outlook.

Gate News message, on April 2, Clem Chambers, founder of the European stocks and market news platform ADVFN, said that the crypto industry is moving out of a cycle centered on token speculation, and that the next bull market will be driven by real-world blockchain use cases. Chambers noted: "That era may have ended, and is heading toward its conclusion; what will replace it is genuine use cases." He advised investors to "forget financial primitives (Fi) and instead focus on applications—the actual use-case scenarios where tokens and blockchain are put to work."

Ethereum Foundation researcher Devansh Mehta proposed a Validator Revenue Redistribution (VRR) plan at the EthCC conference. It would allow validators to independently redirect a portion of their staked rewards to designated smart contracts, such as public funding platforms or audit organizations. The goal of this proposal is to empower validators to participate in ecosystem governance and security building while reducing reliance on centralized donations.