April 13th Weekly Market Recap: MSBT Recorded $34M in First-day Trading Volume

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DeFi Analytics 10th April 2026

The weekly addition of the Crypto DeFi Analytics, covering chain fee generation, Beacon Chain Balance, Uniswap V3 and Liquidations.

Catchain 2.0 Goes Live

US equities extended their rebound, with the S&P 500 closing up 0.6% and now 8% higher since March 31, while gold and silver also traded higher and BTC and ETH implied volatility fell further as realised volatility continued to soften.

US releases showed initial jobless claims rising to 219K and February core PCE holding at 3.0% YoY, while crypto-focused developments included Japan approving a bill to classify cryptoassets as financial products, TON launching its Catchain 2.0 upgrade with sub-second finality on mainnet, Bitmine uplisting to the NYSE alongside an expanded buyback programme, and Ethereum staking reaching a fresh all-time high at 38.85M ETH.

MSBT Recorded $34M in First-day Trading Volume

BTC held around $71.5K over the past 24 hours after trading as high as $72.7K yesterday, even as U.S. spot bitcoin ETFs recorded a second straight day of net outflows totaling $124.55M, partly offset by a strong debut for Morgan Stanley’s MSBT, which saw $34M in first-day trading volume, 1.66M shares traded, and a 14bp sponsor fee.

In macro, sentiment improved sharply as the S&P 500 rose 2.51%, the Nasdaq gained 2.8%, and the Dow added 2.9%, while Brent and WTI fell 15.5% and 15.0% respectively on U.S.-Iran ceasefire headlines, with markets also digesting a cautious set of March FOMC minutes and fresh digital-asset policy developments including Bessent’s support for the “Clarity Act.”

A Double-Sided Ceasefire

A Pakistan-brokered US-Iran ceasefire was agreed hours before Trump's Tuesday deadline, conditional on Iran reopening the Strait of Hormuz — WTI crude crashed 19% from ~$117 to ~$95, the largest single-day drop in almost six years. Equity futures surged (S&P +2.6%, Nasdaq +3.4%), gold rose 3.4% to ~$4,843 on dollar weakness, and the 10Y yield fell 7bps to 4.24% as the geopolitical risk premium unwinds.

BTC recovered to ~$71,847 (+4.2%) after Tuesday's $68K dip, ETH +6.7% to $2,258, with $427M in shorts liquidated across crypto; vol smiles erased their bearish tilt at the front end. Morgan Stanley announced the first major bank Bitcoin ETF (0.14% fee, undercutting IBIT), CME will list SUI futures from May 4, and Coinbase Australia secured the first direct AFSL from ASIC for crypto derivatives.

Swift Completed the Design of its Blockchain-based Shared Ledger

Overnight, BTC fell 1.3% to $66.7K, ETH declined 1.1% to $2,037, the S&P 500 closed down 0.39% at 6,343.72, the Nasdaq fell 0.73% to 20,794.64, and Brent/WTI eased to around $111/$102 per barrel, as Powell reiterated a cautious Fed stance amid persistent inflation uncertainty and softer labour market conditions.

In crypto, the most notable quantitative developments were Keyrock’s Series C at a $1.1B valuation, Nakamoto’s sale of 284 BTC for $20M at roughly a 40% discount to cost, and Bitmine’s additional staking of 167,578 ETH, bringing its total staked ETH to 3.31M ETH worth about $6.72B.

A Needle in a Haystack

Trump's Tuesday 8PM deadline for Iran to reopen the Strait of Hormuz looms as the week's defining catalyst, with Tehran rejecting ceasefire proposals and Trump warning that "the entire country can be taken out in one night." US equities opened cautiously higher (S&P +0.3%, Nasdaq +0.4%) while gold pulled back to ~$4,700.

BTC bounced 4.3% to ~$70K late Sunday after spending much of the weekend at ~$66K, with ETH climbing to ~$2,150 alongside a broader altcoin rally — though SOL remains under pressure at ~$82 as Drift Protocol's $285M exploit, now attributed to DPRK-linked actors, continues to weigh on Solana sentiment.