Deutsche Bank: Chinese investors are showing increased interest in European high-quality bonds, Japanese government bonds, and gold as alternatives to US Treasuries as result of tariffs

Russia's Finance Ministry is considering issuing a Tether-like stablecoin in the wake of $30 million USDT freeze. The Russian crypto should be pegged to a fiat currency other than the US dollar.

Circle launches Refund Protocol for non-custodial dispute resolution in stablecoin payments. The procol lets users send payments through a smart contract that temporarily holds the funds. If there is a problem, the buyer can ask for a refund, and an arbiter, an unbiased third party, helps to settle the dispute. -announcement

🚨Turnover on Shanghai and Shenzhen Stock Exchanges at 914.7b Yuan, lowest since last year's "9/24" rally when PBoC announced several stimulus measures designed to boost the economy and the stock market

Kyrgyzstan's president signs CBDC law giving "digital som" legal tender status. The National Bank now has exclusive rights to issue the digital currency, though the final launch decision isn't expected until the end of 2026.

Over 15,000 Bitcoin have been withdrawn from exchanges in the past week

Whales holding >10K BTC maintain a strong accumulation trend (~0.7). Smaller cohorts from <1 BTC to 100 BTC are easing off their distribution, with the 10–100 BTC group now hovering around 0.5, hinting at a potential pivot toward accumulation. This suggests at a possible shift in sentiment from mid-sized holders. -Glassnode

USD/CNY finishes domestic session at 7.3039, up 59 pips from previous close

Gold may due for a breather. [Bitcoin's time to shine?]

Chinese-backed online retailers Shein and Temu have notified US consumers that they would raise prices starting April 25 "due to recent changes in global trade rules and tariffs". With the exception of a few words, the notices are nearly identical down to their structure and punctuation.

🚨
CHINA'S MoF: Q1 NATIONAL GENERAL PUBLIC BUDGET EXPENDITURE UP 4.2% Y/Y
CHINA JAN-MARCH FISCAL REVENUES -1.1% YR/YR
CHINA JAN-MARCH REVENUE FROM GOVT LAND SALES -15.9% Y/Y

Decomposition of systemic influences on BTC [everything is up except of investor risk appetite]

LVMH stock down almost 40% in a year and luxury index benchmarks down double-digits.

The U.S. Treasury is expected to issue over $31 trillion in Treasury bonds in 2025, accounting for approximately 109% of GDP and 144% of M2, the highest level in history. This could impact risk asset markets, including cryptocurrencies. If the government ultimately adopts debt monetization measures, it may strengthen market demand for "hard assets" like Bitcoin as an inflation hedge. -Binance Research

Fed's Daly: I'm not hearing of businesses making layoffs. I'm not hearing businesses pulling back and hunkering down. [Did she see yesterday's Philly's fed orders expectations?]

🚨Gold's call-put dollar volume ratio is now at extremes comparable only to the 2011 and 2020 peaks both of which marked major tops. Historically, such extremes in gold market sentiment have preceded parabolic rallies in Bitcoin.

UBS has sharply raised its gold forecast to $3500 for 2025, citing global instability, rising tariffs, and heightened inflation.

6,000 ETH worth $9.49m bought today as whale spot activity around Ethereum surges

Massive flows into money market & cash ETFs again, at levels that historically coincided with major market lows.

Emerging markets are experiencing a significant and accelerating outflow of capital. This pressure isn’t fully visible in exchange rates, likely due to heavy intervention by central banks to smooth volatility. The scale of capital flight is approaching levels seen during the peak of the COVID-19 crisis.