Gate News message, on April 11, BTC analyst Killa posted that when comparing all prior Bitcoin cycles, each cycle includes a final selloff that ends with a capitulation-style bottom. In this cycle, the time when the peak occurred was earlier than in previous cycles. Killa noted that if history repeats itself, BTC may still see another wave of declines before a true bottom is established.

Bitcoin treasury company Nakamoto is seeking shareholder approval for a reverse stock split plan to address the ongoing decline in the share price and maintain its Nasdaq listing qualification. The company plans to combine shares at a ratio ranging from 1-to-20 to 1-to-50. The current share price is about $0.22, down roughly 99% from its peak. At the same time, Nakamoto has sold about 5% of its Bitcoin holdings for liquidity management.

The Royal Government of Bhutan has recently transferred approximately 319.7 BTC, valued at $22.68 million, and currently holds 3,954 BTC. Since this year began, the government has moved out $215.7 million worth of Bitcoin, and its holdings are down by about 70% from their peak. Bitcoin assets are managed by the national sovereign wealth fund.

U.S. stock market sentiment indicators are fluctuating significantly: retail investors’ panic levels have hit a 20-year high, while institutional short positioning has intensified. The short ratio has reached a multi-year peak, and the market shows a highly asymmetric profile. The risk of a potential “short squeeze” is increasing; with no turnaround signals in sight, investors are holding back, and market volatility and uncertainty continue.

Bitcoin futures open interest has fallen from its October 2025 peak to $21.0 billion, as the market undergoes a deep deleveraging. With leverage currently low, funding-rate volatility is high, long and short positioning switches frequently, and in the short term Bitcoin lacks a clear trend.

Gate News message, April 8, DeepSeek’s website and app launched two new modes early this morning. Among them, the Quick mode is for everyday conversation scenarios, providing instant responses; the Expert mode is designed for complex problems and supports deep-thinking functionality, but it requires waiting during peak hours and does not support attachment or voice upload.

DefiLlama data shows that after the peak in October 2025, on-chain perpetual contract DEX trading volume has fallen for 5 consecutive months, dropping to $699.0 billion in March 2026, setting a new low. This reflects weakening demand for leveraged trading and speculation, with trading volume concentrated on a small number of leading platforms.

Gate News message: On April 6, according to Santiment data, the BTC profit-loss trade ratio reached 2.95, the highest level in 12 weeks. This indicator measures the ratio of profitable trades to losing trades; the current value shows that the share of profitable trades in the market is significantly higher than that of losing trades, reaching a recent peak level.

According to analysis, on April 5 an address received 30.99 million STO tokens worth $5.98 million, and then deposited 10 million tokens to a CEX, earning a profit of $207k. During the April 2 price peak, this batch of tokens was up by $52.33 million.