Key TakeawaysOnchain perp DEX volume fell to $699B in March, down from $1.36T peak in October 2025.Daily volume dropped to $8.4B, lowest since July 2025.Hyperliquid leads with $185.5B monthly volume (~34% share).Decline signals reduced speculative demand and leverage in crypto markets.Perpetual DEX Volumes Extend Multi-Month DeclineOnchain perpetual futures trading continues to weaken, with decentralized exchange (DEX) volumes declining for five consecutive months since peaking in late 2025.Data shows monthly perp DEX volume dropped to $699 billion in March 2026, nearly halving from the $1.36 trillion recorded in October 2025, according to DefiLlama.The decline has been consistent, with volumes trending lower through November and December before extending losses across Q1 2026.Daily Trading Activity Hits Multi-Month LowsThe slowdown is also visible in daily trading metrics.On April 4, perp DEX volume fell to $8.4 billion, marking the first sub-$10 billion reading since September 2025 and the lowest level since July 2025.Perpetual futures volumes are widely viewed as a proxy for speculative activity and leveraged positioning, suggesting a broader cooling in trader risk appetite.Trading Activity Concentrates Among Top PlatformsDespite the overall decline, activity remains heavily concentrated.Hyperliquid dominates the sector with $185.5 billion in 30-day volume, accounting for roughly 34% of total volume among leading platforms.Other major players include:edgeX: ~$73BAster: ~$68BLighter: ~$50BGrvt: ~$40BSmaller platforms recorded significantly lower activity, highlighting ongoing liquidity concentration in the sector.Cooling Follows Record Growth in 2025The decline comes after a period of rapid expansion.Perp DEXs generated $12.09 trillion in total volume in 2025, with approximately 65% of that activity occurring within the year. Monthly volumes averaged close to $1 trillion during Q4 2025, marking peak speculative engagement.

Nasdaq-listed Bitcoin treasury company Empery Digital disclosed that it sold 370 bitcoins last week at an average price of $66,632, generating a total profit of approximately $24.7 million. Its total bitcoin holdings have fallen below the 3,000- bitcoin mark, dropping to 2,989. The company also disclosed that it has spent approximately $142 million to repurchase 24,640,671 shares of common stock and will continue to sell bitcoins as needed to fund future share buybacks and potentially repay some outstanding debt. (Businesswire)

Key TakeawaysStrategy bought 4,871 BTC for $329.9M at ~$67,718 per coin.Total holdings reach 766,970 BTC (~3.8% of supply).Average cost sits at $75,644, implying ~$5B unrealized loss.Purchases largely funded via STRC preferred stock sales.Strategy Continues Aggressive Bitcoin AccumulationStrategy has added another 4,871 Bitcoin to its balance sheet, reinforcing its position as the largest corporate holder of BTC.The latest purchase, valued at approximately $330 million, was executed at an average price of $67,718 per coin, according to a recent filing.This brings Strategy’s total Bitcoin holdings to 766,970 BTC, representing about 3.8% of the total circulating supply.Position Remains Underwater Despite Continued BuyingDespite ongoing accumulation, Strategy’s Bitcoin position remains below its average cost basis.The company has spent approximately $58.02 billion acquiring Bitcoin at an average price of $75,644. With Bitcoin currently trading near $69,000, the position reflects an unrealized loss of around $5 billion, or roughly 8%.However, Strategy has maintained its long-term accumulation strategy regardless of short-term price fluctuations.Funding Driven by Equity and Preferred Stock SalesThe latest purchases were primarily funded through capital markets activity.$227.3 million raised via STRC preferred stock$72 million from common stock salesThis approach allows Strategy to continue accumulating Bitcoin without directly liquidating existing assets.Institutional Accumulation Remains Key Market SupportStrategy remains one of the largest sources of institutional demand for Bitcoin.Alongside spot Bitcoin ETFs, which absorbed roughly 50,000 BTC in recent weeks, Strategy has contributed significantly to market absorption, accumulating around 44,000 BTC over a 30-day period.

Bitcoin has emerged as the leader in social dominance with a ranking of 31.55%. According to NS3.AI, Ethereum has taken the lead in AI search volume, accounting for 12%, surpassing Solana, which stands at 10%.

Wells Fargo has updated its forecast regarding the Federal Reserve's interest rate policy for 2026. According to Jin10, the bank now anticipates that the Fed will maintain its current interest rates throughout the year, contrary to its previous prediction of two rate cuts in 2026. This revision reflects a shift in expectations about the U.S. economic outlook and monetary policy strategy. The decision to hold rates steady suggests a more cautious approach by the Fed, potentially influenced by ongoing economic conditions and inflationary pressures. Wells Fargo's adjustment underscores the uncertainty surrounding future monetary policy decisions.

Wells Fargo stated that it expects the Federal Reserve to keep interest rates unchanged in 2026, compared to its previous forecast of two rate cuts this year. (Golden Ten)

Stablecoin issuer Circle stated that its upcoming Layer 1 network, Arc, will be designed with quantum resistance as its core goal, emphasizing that long-term cryptographic security has become a "baseline requirement" for financial infrastructure. "Q-Day" (the critical point where quantum computing can break public-key encryption) may arrive before 2030, or even earlier. Meanwhile, attackers have already begun collecting data in advance to decrypt it once quantum computing matures, revealing potential risks ahead of time. The Arc testnet went live in October 2025, with the mainnet expected to launch this year. Initially, it will support quantum-resistant signature schemes, allowing users to create quantum-resistant wallets (not mandatory). Future updates will expand to transaction privacy protection, including encryption of balances, recipients, and transaction data. In the long term, Arc also plans to introduce quantum-resistant mechanisms at the validator authentication and network infrastructure levels to build a complete protection system. Circle stated that Arc aims to provide developers and institutions with a smooth, practical path to the post-quantum era, rather than remaining at the theoretical level. (The Block)

Hyperliquid platform's whale holdings currently amount to $3.593 billion, according to ChainCatcher. Data from Coinglass reveals that long positions account for $1.844 billion, representing 51.33% of the total holdings, while short positions make up $1.749 billion, or 48.67%. The long positions have incurred a loss of $58.1837 million, whereas the short positions have gained $67.4487 million. Notably, a whale address, 0xa5b0..41, has taken a 15x leveraged long position on ETH at a price of $2,148.7, resulting in an unrealized loss of $462,400.

JPMorgan Chase CEO Jamie Dimon has emphasized the need for the United States to strengthen its military and economic position to maintain global dominance. According to Odaily, Dimon outlined a plan involving the mobilization of over $1 trillion to achieve this goal in a letter to shareholders. This statement follows the launch of two major initiatives by JPMorgan aimed at addressing macroeconomic policy issues. Last week, JPMorgan introduced the 'American Dream Initiative,' which seeks to create more economic opportunities within U.S. communities. Prior to this, in October, the bank announced a 'Security and Resilience Initiative,' pledging $1.5 trillion over the next decade to support industries that bolster U.S. economic security and resilience. Dimon noted that after last year's monetary easing pushed U.S. stocks to record highs, inflation concerns triggered by war have largely dispelled expectations of a Federal Reserve rate cut this year.

Playnance's G Coin has been rated 7.5 out of 10, reflecting its token utility and technical development. According to NS3.AI, the rating was limited by several factors, including a 70.1% allocation for token sale or minting, inconsistent supply reporting, 27.97% audited code coverage, and limited transparency from the issuer.

Crypto markets surged as U.S. President Donald Trump issued stark threats against Iran over the Strait of Hormuz, warning of severe consequences if the waterway is not reopened—while simultaneously signaling that a ceasefire deal could be imminent.

QuickSwap’s Discord was hacked by an unauthorized party. Users are warned to avoid the server, but funds remain safe.

The most explosive piece of material in the financial world today comes from a firsthand report on the Strait of Hormuz.

Apple has removed Jack Dorsey’s decentralized messaging app Bitchat from its China App Store after it was given an order from Beijing, highlighting the growing friction between censorship-resistant technologies and state-controlled digital ecosystems.

Michael Saylor's latest X post hints that MicroStrategy is resuming Bitcoin purchases after a short pause. The company could use recent funding from its preferred stock to buy at least 1,500 more BTC.

预测市场绝非币圈新赌场，而是填补金融史400年空白的“事件资产”定价引擎：一文看透它将如何重塑下一个十年的财富逻辑

Gemini's operating model, which favors the interests of its founders and relies on funds from related parties, has collapsed in the secondary market and is facing a severe governance and trust crisis.

Oil, financial system, Middle East, oil prices are approaching a critical point—what will happen in mid-April? Golden Finance: Time becomes the deciding factor, and the oil market is heading down three paths.

For Musk, his long-held vision of turning X into a "super app" is entering a critical phase of accelerated implementation.

AI firm Anthropic has launched AnthroPAC, an employee-funded political action committee, as tensions with the Trump administration escalate over Pentagon restrictions and the future of military AI deployment.