⚔️ Six weeks of war range, broken overnight

The U.S.–Iran ceasefire is confirmed. BTC vaulted to $72,700. Oil crashed. Morgan Stanley’s bitcoin ETF debuts today. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wednesday, April 8, 2026   The six-week war range broke overnight. Trump confirmed a two-week U.S.–Iran ceasefire via Truth Social Tuesday evening, Iran confirmed it, and markets exploded: BTC vaulted to $72,700, oil crashed more than 10% to around $95 a barrel, and nearly $600 million in leveraged shorts were wiped out — the biggest short squeeze since early March. Bitcoin is now eyeing $76,000, with the Strait of Hormuz reopening for the first time since the conflict began. Morgan Stanley’s spot bitcoin ETF also debuts today, adding another institutional tailwind. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $71,730 +4.39% ETH $2,244 +6.45% SOL $84.65 +6.02% XRP $1.38 +5.17% Prices approximate. Visit coindesk.com/price for live data. What matters today Geopolitics   Story 1 of 3 The ceasefire is real. BTC broke the war range. Now what? Trump confirmed the two-week U.S.–Iran ceasefire via Truth Social on Tuesday night. Iran confirmed it too, with the Strait of Hormuz reopening for coordinated transit for the first time since the war began. Oil crashed more than 10% to ~$95 a barrel — the biggest single-day drop in years — and bitcoin vaulted to $72,700, breaking out of the $65,000–$73,000 range that had capped every rally since February. The squeeze was violent: nearly $600 million in shorts were liquidated in 24 hours, $508 million of that in just 12 hours. BTC now eyes $76,000 as the next key level. The question is whether two weeks is enough to shift macro expectations or just prolongs the uncertainty. Read more → Markets   Story 2 of 3 $600M in shorts wiped out. The most extreme positioning of the war just reversed. Heading into last night, the Fear and Greed Index sat at 8 — its lowest since the collapse of FTX in 2022 — and social media was running five bearish posts for every four bullish ones. Every sentiment and positioning indicator was pointing the same direction. The ceasefire hit and the market went violently the other way: $245 million in BTC shorts alone liquidated, $126 million in ETH, plus oil shorts on Hyperliquid. The largest single liquidation was an $11.79 million BTC-USDT short on Binance. This is the biggest short squeeze since March 4. Whether it sustains depends on whether the ceasefire holds and whether oil staying below $100 is enough to revive rate-cut expectations. Read more → Institutions   Story 3 of 3 Morgan Stanley’s bitcoin ETF launches today. Timing couldn’t be better. Morgan Stanley’s spot bitcoin ETF debuts Wednesday, dropping into a market fresh off its biggest short squeeze in weeks and with BTC clearing the top of its war range for the first time since February. The launch adds another major Wall Street name to the institutional ETF stack, following Monday’s $471 million inflow day — the strongest since February — and signals that institutional adoption of bitcoin as an asset class continues to deepen regardless of near-term price volatility. The next level to watch: $76,000, which would confirm BTC has broken the broader bear-market structure. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

⚠️ Does a bank account yield more than DeFi?

DeFi yields have crashed so hard they can't compete with a savings account — plus Switzerland drove 70% of crypto's $224M inflow rebound, and North Korea's 6-month espionage program is reshaping crypto security. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tuesday, April 7, 2026 DeFi yields are crashing so hard that they can't compete with a traditional savings account The core value proposition of decentralized finance — earn more than TradFi — is breaking down. With high-yield savings accounts paying up to 5% APY and DeFi lending rates compressing toward record lows, the risk-adjusted case for onchain yield is the weakest it's been in years. Read the full story → Markets Crypto's $224 million inflow rebound was led by mostly one country — and XRP Switzerland accounted for 70% of global crypto ETP inflows last week, with XRP products contributing more than half the total. The concentration raises questions about how broad-based the recovery really is. Read more → Security How North Korea's 6-month long secret espionage program has crypto community rethinking security The Drift exploit revealed that DeFi's real vulnerabilities may lie outside the codebase entirely. For years the industry treated security as a technical problem — better code, more audits. This incident suggests the threat model needs to expand to human-layer attacks. Read more → Consensus by CoinDesk Join CoinDesk at Consensus Miami, where agentic commerce, crypto at scale, and institutional integration are redefining the future of finance. Save 20% with the code HEADLINES Get your pass → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

🚨 The $70K touch, the ETF bid, and tonight's deadline

Bitcoin briefly touched $70,000 then pulled back. ETF inflows hit their best day since February. Trump’s Iran deadline is tonight. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tuesday, April 7, 2026   Bitcoin briefly touched $70,000 overnight before pulling back, with ETF inflows doing the heavy lifting: spot bitcoin ETFs pulled in $471 million on Monday — their strongest day since February — signaling that institutional demand is real even as weak spot buying and whale selling keep a lid on prices. The catch is tonight’s Trump deadline: the president has threatened to destroy Iranian infrastructure if no deal is reached by midnight, with oil already above $112. Whether a ceasefire materialises determines whether BTC holds or breaks back toward $65,000. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $68,780 −0.20% ETH $2,061 −0.23% SOL $80.09 −1.23% XRP $1.30 −0.90% Prices approximate. Visit coindesk.com/price for live data. What matters today Markets   Story 1 of 3 BTC briefly touched $70,000 — then pulled back. ETF inflows are filling the gap. Bitcoin brushed $70,000 overnight before retreating to around $68,780, with the $65,000–$73,000 war range still intact. The institutional bid is real — ETFs absorbed $471 million on Monday, their strongest day since February — but weak spot buying and distribution from large holders continue to cap upside. A negative gamma setup below $68,000 means a break lower could accelerate quickly. The single variable that overrides everything: Trump’s midnight deadline tonight to destroy Iranian infrastructure if no ceasefire deal is reached. Read more → Institutions   Story 2 of 3 Bitcoin is now leading monetary policy — not lagging it Monday’s $471 million ETF inflow — the sixth-largest single day of 2026 — is part of a structural shift. A new Binance Research report finds bitcoin’s correlation with global central bank easing has turned sharply negative since 2024, the year U.S. spot ETFs were approved. Before ETFs, BTC followed easing cycles with a lag; now institutional flows front-run expected central bank moves. With the Fed priced at 98% odds to hold in April and rate cuts increasingly in doubt, the ETF bid has become the primary source of marginal buying — offsetting whale distribution and anchoring price below $70,000. Read more → Geopolitics   Story 3 of 3 Trump’s Iran deadline is tonight. Here’s what it means for crypto. President Trump set a midnight Tuesday deadline to begin destroying Iranian infrastructure if no Strait of Hormuz deal is reached. Oil is already above $112 — levels that push ISM prices-paid to their highest since June 2022 and undercut the rate-cut case that has partly underpinned bitcoin’s floor. A deal reopens the Hormuz, eases inflation expectations, and likely sends BTC toward $73,000 and beyond. No deal means another Iran escalation cycle, higher oil, and renewed pressure on the $65,000 support zone. This is the binary event of the week. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences