NOM's price has dropped by almost 40% in the last 24 hours, with over 1.442 billion NOM tokens being deposited into a CEX by a "whale."

April 11 — Arkham on-chain data shows Bhutan is continuing to divest its Bitcoin holdings. Bhutan’s sovereign wealth fund, Druk Holding and Investments, held ~13,000 BTC in October 2024. It now has just 3,954 BTC left, worth ~$280.6 million. Over the past 18 months, ~70% of its holdings have been sold, with $215.7 million worth of BTC transferred this year alone. Additionally, Bhutan’s Bitcoin mining operations appear to have ceased: on-chain data indicates the last mining payout exceeding $100,000 occurred over a year ago, and Druk Holdings has not publicly disclosed any related updates. Economic pressure is the primary driver. Bhutan’s mining relies on hydropower, which was profitable when hash rate difficulty was low and BTC prices topped $90,000. Today, BTC hovers around $71,000, network difficulty is at an all-time high, and post-halving block rewards have dropped to 3.125 BTC — slashing margins for small-scale sovereign mining. Analysts note selling hydropower directly t

April 11 — Delegations from the U.S. and Iran officially kicked off talks in Islamabad, Pakistan, on Monday. But public stances from both sides show three core issues all touch on each other’s red lines, leaving negotiation prospects highly uncertain. ### Hormuz Strait A key ceasefire precondition and the most direct divisive point: Former President Trump has demanded a "comprehensive, immediate, and secure" strait opening, while Iran insists all passage must coordinate with its armed forces. Since the ceasefire was announced, Iran has tightened controls twice and now reportedly seeks a $1-per-barrel navigation fee for oil tankers. Analysts widely agree U.S. acceptance of any Iranian control over the strait would amount to a "strategic failure." ### Iranian Uranium Enrichment Non-overlapping red lines: The U.S. demands Iran fully abandon enrichment, calling it a "non-negotiable bottom line" — the U.S. Secretary of Defense even threatened "military seizure" if Iran refuses. Ir

On April 11, Farside data shows yesterday’s net inflows into U.S. Ethereum spot ETFs hit $64.9 million—marking the second straight day of net inflows.

April 11 — U.S. spot Bitcoin ETFs saw a net inflow of $240.4 million yesterday, according to Farside Monitoring, marking two straight days of net inflows.

April 11th Per Bloomberg, the Federal Reserve is reportedly asking major banks detailed questions about their risk exposure in the private lending sector—driven by a surge in redemption requests for related funds and a steady rise in non-performing loans. The Treasury Department is also simultaneously probing the insurance industry to fully assess the $1.8 trillion private lending industry’s overall pressure and the risk of those issues spreading to the broader financial system. BitMEX co-founder Arthur Hayes weighed in from afar, saying: “I hope it’s big enough so we can print money to save the market.” In short, if the regulatory review uncovers systemic risks, it could pressure the Fed to restart easing and inject large-scale liquidity—potentially benefiting the crypto market.

**April 11** A U.S. bank’s April 10 research report noted that global oil dependence has waned gradually since the 1970s: today, generating the same level of GDP requires just one-third the oil needed in the 1970s. OPEC crises and subsequent oil shocks were once viewed as severe stagflationary shocks, but the global economy is now more resilient to energy shocks of similar magnitude. **Huatai Securities Update** Huatai Securities noted in a research report that geopolitical tensions have dented global risk appetite since March—but gold has failed to act as a safe haven as expected, instead tracking risk assets’ ups and downs. Since U.S.-Iran tensions flared in March, gold has seen a maximum drawdown of over 17% before rebounding from its lows as tensions eased. The firm cited several drivers for the gold selloff: overcrowded positions earlier this year, liquidity shocks, sales by some central banks, and funds flowing into energy products instead.