On April 1, 2025, Bitcoin broke through $84,000 during the day before falling back, currently closing at $82,874. Ethereum has risen above $1,800, but the ETH/BTC exchange rate has dropped to 0.02193, hitting a nearly five-year low.

The U.S. Bitcoin spot ETF saw a net outflow of $60.44 million in a single day, with ARKB experiencing an outflow of $23.18 million, BITB an outflow of $19.87 million, and only IBIT seeing an inflow of $15.16 million. Cumulative net outflows in March reached $745 million, indicating a significant short-term risk aversion among institutional investors.

U.S. stocks ended the first quarter poorly: the S&P 500 fell a cumulative 4.59%, and the Nasdaq dropped 10.42%, with tech stocks leading the decline (Tesla -35.83%, Nvidia -19.29%).

Gold broke through $3,100 per ounce, marking the largest quarterly increase since 1987 (+24%), driven by safe-haven demand dominating capital flows.

A-shares experienced a pullback after hitting highs, with the Shanghai Composite Index rising 0.38%. The innovative drug sector surged significantly due to favorable policy support (Hang Seng Pharmaceuticals ETF +7%).

The 'reciprocal tariff' policy proposed by U.S. President Trump will take effect on April 2, with market expectations that it may become a watershed moment for global assets. The cryptocurrency market reacted sensitively, with Bitcoin's intraday volatility rising to 5%, and some investors turning to stablecoins for safety.

U.S. regulation: The Treasury Department has initiated an audit of federal agencies' digital asset holdings, which may lay the groundwork for subsequent policy adjustments; the SEC's lawsuits are fully paused, and the approval process for altcoin ETFs is accelerating.

The U.S. Securities and Exchange Commission (SEC) launched compliance review hearings in April for blockchain products from multiple companies, focusing on the regulatory framework for decentralized finance (DeFi) protocols and stablecoins. This move is seen as an important step towards the transparency of crypto assets in the U.S.

The largest Bitcoin mining hotspot in Russia, Irkutsk Oblast, announced a year-round ban on cryptocurrency mining activities in the southern region starting April 1.

The Hong Kong Web3 Carnival and international conferences like TOKEN2049 Dubai 2025 have kicked off, gathering global blockchain industry leaders to discuss technological trends and regulatory directions. Key topics include innovations in decentralized applications (DApps), compliance of stablecoins, and development of cross-chain technology.

Hong Kong's first retail tokenized fund, the 'Huaxia Hong Kong Dollar Digital Currency Fund,' has been listed, with on-chain tokens pegged 1:1 to fiat currency, exploring a path to compliance.

Overview of the Web3 Summit in April 2025: On April 3, Pragma Taipei will be held in Taiwan; from April 4 to 6, ETHGlobal Taipei 2025 will take place in Taiwan; from April 6 to 9, the Hong Kong Web3 Carnival 2025 will be held in Hong Kong; and from April 8 to 10, Paris Blockchain Week 2025 will take place in Paris, France.

Summary: On April 1, 2025, the cryptocurrency sector faces regulatory changes and market volatility, with Japan planning to reclassify cryptocurrencies as financial products to strengthen regulation, while frequent hacking incidents lead to significant losses. At the same time, the plummeting stock price of Coinbase reflects market concerns over companies related to cryptocurrencies. The Web3 sector is welcoming multiple summits, indicating the industry's activity and development potential, while the crypto industry is also drawing on the historical experiences of traditional finance to explore pathways for integration and development.

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