Trading Desk Insights
Risk assets caught a bid Monday morning following a surprise tariff exemption announcement from President Trump. While the move gave markets a temporary boost, comments from Trump and Commerce Secretary Howard Lutnick on Sunday made clear the exemptions aren’t permanent—injecting fresh uncertainty and capping the rally. Last week was one of the most volatile trading weeks in recent memory, and the situation escalated further as China officially halted shipments of several key rare earth minerals to the U.S.—a clear escalation in the ongoing trade war.
Confusion continues to swirl around the scope and application of the announced tariffs. The White House attempted to clarify things with a note titled “Clarification of Exceptions” released on April 11th, explaining that certain goods were never intended to be hit by the reciprocal tariffs announced on April 2nd. However, with Trump facing a growing credibility gap, markets are still struggling to price in consistent policy direction. Traders are watching closely for further guidance.
Since Tuesday’s lows of $74,500, BTC jumped by 15% to $86,000. Prices broke above the declining trend line in place since the record high while also breaking above the 20-day moving average, making this rally quite significant. Next stop, the 50-day moving average around 85,100. It’s very possible to expect a pullback towards 82,500 - 83,000 before rebounding higher.
Options flows are starting to reflect this shift in sentiment. The rally has sparked renewed bullish activity, with the $100K BTC call emerging as the most crowded strike—now sitting at nearly $1.2B in notional open interest. After weeks of downside skew, the normalization in the vol surface suggests traders are now actively positioning for upside, with meaningful OI building between $95K and $120K strikes.
In other news, MicroStrategy added another $285M in BTC between April 7–13, bringing total holdings to 528,185 BTC at an average price of $67,458 (2.5% of total supply). Also, World Liberty Financial, a Trump-linked entity, reportedly purchased $775K worth of SEI in a bid to grow its altcoin book, while denying rumors it had sold ETH. The firm is also exposed to BTC, ETH, TRX, MOVE, ONDO, and other tokens.
The News Room
Tether sees 13% user growth amid global volatility, plans US expansion
Tether experienced a 13% increase in USDT users during Q1 2025, largely driven by adoption in emerging markets like Argentina, Brazil, and Nigeria, where USDT serves as a digital dollar alternative amid economic instability. CEO Paolo Ardoino announced plans to launch a U.S.-based stablecoin tailored for institutional use, aligning with forthcoming American regulations. This move aims to expand Tether's presence in the U.S. market and counter competitors' claims that Tether would avoid entering the U.S.
Ethereum co-founder Vitalik Buterin calls for stronger privacy protections amid AI centralization concerns
Ethereum co-founder Vitalik Buterin has called for stronger privacy protections to counter the growing centralization of data driven by artificial intelligence (AI). In a recent blog post, Buterin emphasized that privacy is essential not only for individual autonomy but also for preserving decentralization and fostering innovation. He warned that AI technologies are accelerating data collection and analysis, potentially leading to deeper intrusions into personal privacy. To address these concerns, Buterin advocated for the adoption of advanced cryptographic tools, such as zero-knowledge proofs and homomorphic encryption, which can safeguard user data without compromising functionality. He concluded by asserting that privacy must be a fundamental consideration in the development of future technologies
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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