Bitcoin (BTC) has retreated from its weekend high, with it temporarily trading around $71,110 as of April 13. Mike Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said the agency will continue to defend its “exclusive regulatory authority” over prediction markets in court. The U.S. Federal Bureau of Investigation (FBI) said that in 2025, losses from cryptocurrency fraud reached a record high of $11.36 billion, with elderly victims hit the hardest.
Macro Events & Crypto Hot Topics
1、According to CoinDesk, CFTC Chairman Mike Selig said in an interview that the agency will continue to defend its “exclusive regulatory authority” over prediction markets in court. Selig said that regardless of whether the product is based on sports, politics, or other events, as long as it is legally offered as a derivatives product on an exchange regulated by the CFTC, it falls under CFTC regulation, and states have no right to replace federal derivatives regulation with gambling laws.
The CFTC has currently filed lawsuits against the states of Arizona, Illinois, and Connecticut to solidify its regulatory authority. Selig said a recent ruling by the Third Circuit Court of Appeals that the CFTC must regulate prediction markets has strengthened the agency’s position. He also pointed out that under the Dodd-Frank Act, the CFTC has the authority to determine whether a product is in the public interest, which is the core of the lawsuit. The final interpretive guidance jointly issued by the CFTC and the SEC last month has drawn clear boundaries for digital asset classification; if companies want to self-certify futures products related to digital assets, the two agencies can refer to that guidance to determine whether a token is a security.
2、According to The Block, the FBI’s Internet Crime Complaint Center published its annual report showing that crypto-related fraud losses in 2025 reached a record $11.366 billion, up 22% year over year, accounting for more than half of the $20.9 billion in total net losses from internet crime for the full year. The center received 181,600 crypto-related complaints, up 21% year over year, with an average loss of $62,600 per incident.
People aged 60 and above reported 44,500 complaints, with losses totaling $4.4 billion, up about 56% from $2.84 billion in 2024. Crypto investment scams caused $7.2 billion in losses, ranking first among all scam types. Losses from scams carried out through crypto ATMs and self-service terminals totaled $389 million, up 58% year over year. In addition, for the first time, the center categorized artificial intelligence, receiving 22,400 related complaints and losses of $893 million.
News Roundup
1、U.S. CFTC chairman: The CFTC will continue to defend its “exclusive regulatory authority” over prediction markets in court
2、FTX/Alameda to un-stake about 198,400 SOL, worth $16.21 million
3、Analysis: Liquidity may become a negative factor for Bitcoin; the current macro structure is similar to 2022
4、Arthur Hayes: Hyperliquid’s weekend price discovery mechanism signals that the Asian session opening will likely underperform
5、Michael Saylor: If Bitcoin’s growth rate exceeds 2.05%, it can pay dividends indefinitely without issuing more MSTR stock
6、U.S. FBI: Crypto fraud losses in 2025 hit $11.36 billion, a record high, with elderly victims hit the hardest
7、The first part of the on-chain proposal “Aave Will Win” passes, approving a $25 million grant to fund Labs
8、Trump says the Strait is fully closed; the U.S. military says it only blocks Iranian-port vessels
9、U.S. military to block maritime traffic to Iranian ports at 10:00 p.m. on April 13
10、Insider officials: The second round of talks between the U.S. and Iran could be held within days
Market Performance
1、Latest Bitcoin news: $BTC It has pulled back from the weekend high and is temporarily trading around $71,110. Over the past 24 hours, $83.47 million in liquidations occurred, with long liquidations being the main driver;
2、U.S. stocks on April 11 closed lower. The Dow Jones Industrial Average fell 269.23 points, or 0.56%, to close at 47,916.57. The S&P 500 fell 7.77 points, or 0.11%, to close at 6,816.89. The Nasdaq Composite, led by tech stocks, rose 80.47 points, or 0.35%, to close at 22,902.89. The Philadelphia Semiconductor Index rose 200.295 points, or 2.31%, to close at 8,889.828.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, using the current 71,148.80 USDT as the reference: if it drops to around $69,992, the cumulative amount of long liquidation will exceed $242 million; if it rises to around $71,631, the cumulative amount of short liquidation will exceed $169 million. The amount of short-side liquidations is lower than the long side; it’s recommended to reasonably control leverage ratios and avoid triggering large-scale liquidations when the market moves.
（Source: Coinglass）
4、Over the past 24 hours, BTC spot inflows were $1.36 billion, outflows were $1.48 billion, and net outflows were $120 million.
（Source: Coinglass）
5、Over the past 24 hours, net outflows from contracts trading have led for $RAVE, $ZEC, $CL, $Binance Life, $BZ , and others, suggesting there may be trading opportunities.
Selected Views from X KOLs
Phyrex Ni (@Phyrex_Ni): “Today’s focus is the talks between Iran and the U.S. in Pakistan. There really isn’t a clear outcome, but that’s also what was imaginable. Apart from the expectations people had right after the ceasefire, those expectations were still quite high. But once you see Israel continuing to attack Lebanon, the probability of them being able to settle everything in one go drops a lot. Still, as long as there’s no renewed mutual attacks between the U.S. and Iran, the market will be more optimistic.”
“On the short term, the market is still fairly optimistic, but this kind of optimism is likely to be fragile if oil prices rise again. Even though WTI has still been around $98 recently, risk markets are still quite optimistic. Whether this optimism can hold until next week is really hard to say. So on Monday morning, we looked at what Asian investors were doing via CME, and after the U.S. market opened in the evening, you could see what investors in Europe and the U.S. were doing.”
“This weekend, Trump still pulled some strings—trying to block the Strait of Hormuz. And Iran isn’t an easy target; they probably won’t be satisfied. For Iran and the U.S., achieving a temporary ceasefire right now is still a good thing. I hope they can maintain restraint as much as possible, but reopening the Strait of Hormuz may be difficult to accomplish in the short term.”
“Coming back to Bitcoin’s data, although there was some fluctuation over the weekend, it’s within a normal range. And as I’ve been saying all along, most likely this time the rebound is caused by the ceasefire, not a reversal driven by a change in the market’s overall trend. Any reversal—especially across the entire crypto sector—may still depend on monetary policy.”
Preview for Today
1、China’s M2 money supply at the end of March (year-over-year); prior value was 9.0%
2、U.S. March NAR existing home sales, seasonally adjusted (annualized monthly rate); prior value was 1.7%
