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Home/Markets & Investing/BITCOIN ETF · CRYPTO IRS RULING

A ceasefire in the Middle East triggered a $470 million crypto short squeeze — and Morgan Stanley just launched a low-fee Bitcoin ETF

OA

Orion Ashworth

Bitcoin ETF · Apr 8, 2026

A ceasefire in the Middle East triggered a $470 million crypto short squeeze — and Morgan Stanley just launched a low-fee Bitcoin ETF

Source: DojiDoji Data Terminal

Bitcoin surged to $71,638, up 4.3% in 24 hours, as a surprise two-week ceasefire between the U.S. and Iran defused geopolitical tensions and sent crypto markets into a tailspin of short liquidations. Ethereum climbed 6% to $2,220. The broader rally pushed total crypto market capitalization to $2.51 trillion, a nearly 4% gain.

The move began Tuesday evening after President Trump announced a conditional pause in military operations, brokered by Pakistan’s Prime Minister Shehbaz Sharif, with peace talks set to begin in Islamabad. The de-escalation sent oil prices tumbling — WTI crude dropped from over $112 to $94 per barrel — as fears of disrupted tanker traffic through the Strait of Hormuz receded.

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Bitcoin Depot's $3.66 Million Theft exposes the vulnerability of settlement accounts

Bitcoin Depot recorded a financial loss of $3.665 million after hackers initiated unauthorized withdrawals of 50.903 BTC from company-controlled wallets. The loss is irreversible due to the nature of blockchain transactions. Hackers infiltrated the company's IT systems on March 23, 2025, and compromised credentials for the company's digital asset settlement accounts. This account handled internal settlement processes between Bitcoin Depot and its kiosk operators. The company disclosed the theft in a formal filing with the U.S. Securities and encrypted the same as a material matter due to the potential for reputational harm. As a Nasdaq-listed company, Bitcoin Depot must report material events affecting its financial financial condition under Regulation FD. This SEC filing triggers regulatory scrutiny of the company's compliance with Nasdaq market rules. Bitcoin Depot faces potential legal, regulatory, and response costs.

That shift in risk sentiment ignited a short squeeze in crypto derivatives markets. Over $654 million in futures positions were liquidated in 24 hours, with $470 million tied to bearish bets, according to CoinGlass. The Crypto Fear and Greed Index rose to 17 from a weeklow of 9, though it remains in "extreme fear" territory.

Related Brief1d ago
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Institutional Bitcoin ETF Inflows Surge to $600 Million Over Two Days

U.S. spot Bitcoin ETFs now hold 721,000 BTC, valued at approximately $56.7 billion. The accumulation happened through two consecutive days of strong accumulation. U.S. spot Bitcoin ETFs pulled in $358.1 million in net inflows on April 9, led by BlackRock’s iShares Bitcoin Trust (IBIT), which captured $269.3 million. Fidelity’s Wise Origin Bitcoin Bitcoin Fund (FBTC) added $53.3 million, while Morgan Stanley’s newly launched ETF attracted $14.9 million. Other contributors included Bitwise’s BITB ($11.7 million) and ARK 21Shares’ ARKB ($4.8 million). On April 10, ETFs recorded another $240 million in net inflows, with BlackRock's IBIT leading with $137.6 million and Fidelity's FBTC adding $78 million. This surge follows a brief retreat where nearly $250 million in outflows occurred over two sessions. The rapid return of capital underscores how quickly institutions can actually rotate into crypto exposure when risk conditions improve.

Altcoins outpaced Bitcoin’s gains. Zcash led with a 23% surge to $332. AI-related tokens climbed, with Render up 8% to $2.04, Bittensor’s TAO rising 7% to $332, and NEAR Protocol gaining 8% to $1.34. Internet Computer jumped 9% to $2.50. Among large caps, Avalanche rose 6.5% to $9.19, Sui gained 6% to $0.92, Solana added 5% to $84, and XRP advanced 4% to $1.35.

Related Brief2d ago
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A $2 billion surge in Bitcoin and Ethereum open interest doesn’t predict price—liquidity and geopolitical tension do

Bitcoin and Ethereum open interest each surged by over $2 billion as U.S.-Iran tensions fueled speculative positioning in crypto derivatives. The increase reflects aggressive bets in futures and options markets—but not a guaranteed rally. Open interest measures outstanding derivative contracts, not actual buying pressure in spot markets. At 34.5¢, a YES share for Bitcoin reaching $100,000 by December 31 pays $1 if the target is met, implying roughly a 34.5% market-implied probability. Moving that market by five points requires $2,908 in volume—a manageable threshold. The $150,000 market is far thinner, with just $792 able to shift prices by the same margin, making it highly susceptible to volatility or manipulation. Over the past day, only $3,490 in USDC changed hands across these markets, underscoring that activity remains concentrated in leveraged speculation, not broad-based demand. Geopolitical risk is amplifying the move, with investors using crypto as a perceived hedge. But real momentum will depend on institutional catalysts: MicroStrategy’s acquisition patterns, ARK Invest’s positions, or an SEC decision on ETF approvals. Without those, the open interest surge is noise, not signal.

The momentum coincided with Morgan Stanley launching its spot Bitcoin ETF on NYSE Arca under the ticker MSBT, becoming the first major U.S. bank to issue a spot Bitcoin ETF under its own name. The fund charges a 0.14% annual fee — below BlackRock’s 0.25% and the lowest fee among all spot Bitcoin ETFs currently trading. Coinbase handles Bitcoin custody, while BNY Mellon oversees cash custody and fund administration.

Related Brief2d ago
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Middle East Truce Uncertainty Erases Crypto Gains

Overall cryptocurrency market capitalization declined 1.4 percent in the past 24 hours to $2.41 trillion. Long positions were liquidated for $164 million as market sentiment dampened. This shift follows uncertainty over the U.S.-Iran ceasefire and a spike in crude oil prices. Brent Oil Futures for June settlement rallied 3.9 percent to $98.41, while West Texas Intermediate (WTI) Crude Oil Futures for May settlement jumped 6.5 percent overnight to $100.52. FOMC participants noted that measures of near-term inflation expectations had risen in recent weeks, reflecting this rise in oil prices. These participants expect higher oil prices to increase inflation in the near term and delay the anticipated decline toward the Committee's 2 percent objective. This combination of oil price volatility and inflation expectations weighed on sentiment, contributing to the decline in market capitalization.

Demand for spot ETFs surged on April 6, with U.S. spot Bitcoin ETFs pulling in $471 million in net inflows — the largest single-day total since late February. Spot Ethereum ETFs reversed recent outflows, attracting $120 million in new capital.

Related Brief3d ago
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BlackRock’s $40.67 Million Inflow Fails to Offset $124.25 Million in Bitcoin ETF Outflows

Institutional investors pulled $124.25 million from US-listed spot Bitcoin ETFs on April 8. Fidelity’s FBTC led the retreat with $79.12 million in outflows, followed by Ark’s ARKB, which shed $74.7 million and Grayscale’s GBTC, which lost $11.1 million. BlackRock’s IBIT stood alone with $40.67 million in net inflows. The total net outflow indicates more investors are exiting spot Bitcoin ETFs than entering them, as BlackRock's inflow was insufficient to offset the broader selling.

Despite the rally, Bitcoin remains confined between $62,000 and $75,000, a range in place since early February. Iran confirmed the ceasefire but warned that reopening the Strait of Hormuz faces "technical limitations" and does not signal an end to the broader conflict.

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Payment giants are integrating blockchain into existing rails to make crypto invisible

Users will eventually trigger blockchain-based transfers by swiping Visa, Mastercard, and American Express cards. Visa has integrated stablecoins into its payment processing systems and currently processes stablecoin settlements in 50 countries. The company also launched Intelligent Commerce Connect, a tool that enables AI agents to participate in automated business transactions. This function relies on stablecoins and tokenized assets. Visa uses its proprietary tokenization platform to convert credit card numbers and transaction details into secure, anonymous tokens.

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