Market Update - Tuesday, April 7

- Oil remains above $110, U.S. stocks show slight gains, and Bitcoin briefly surpassed $70K before settling at $68K.

- Trump proposes that the U.S. charge fees through the Strait of Hormuz instead of Iran, escalating tensions as negotiations stall with only 24 hours left.

ETF Spot Update for April 6
- Bitcoin is up $289.5 million; BlackRock has no data available.
- Ethereum is up $59.4 million; BlackRock has no data available.
- No transactions for Solana.

- The SEC has submitted a proposal to support crypto fundraising projects without registration to the White House for review; an announcement is expected soon.

- The Clarity Bill is set for review by the Senate Banking Committee in April, aiming for passage before the midterm elections.

- Circle has minted approximately 3.25 billion USDC on Solana in the past week, marking the largest issuance since early 2026.

- Polymarket will upgrade its entire system in the next 2-3 weeks, replacing USDC.e with Polymarket USD, backed 1:1 by USDC.

Institutional Activity
- A strategy has acquired 4,871 BTC (approximately $330 million) after a week of inactivity, now holding 766,970 BTC (around $53 billion).
- Bitmine has added 71,252 ETH (approximately $153 million), now holding 4.8 million ETH (around $10.3 billion).
- Strive has purchased an additional 113 BTC (approximately $7.75 million), increasing total holdings to 13,741 BTC (around $945 million).
$BTC