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According to ChainCatcher, on-chain analyst Axel Adler Jr (@AxelAdlerJr) has observed that the discount for Bitcoin short-term holders (STH) has narrowed from -21.6% to -5.7%. The 7-day moving average of STH-SOPR has risen back above 1, indicating that short-term sellers are no longer clearly operating at a loss. However, the current price still remains below the cost basis of $83,000, and the market has not yet entered a true risk-on phase.

Foresight News reports that institutional-grade digital asset prime broker LTP has officially obtained a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA). This license marks LTP's official entry into the Middle East and authorizes it to provide regulated digital asset services to institutional clients. LTP holds licenses and registrations in multiple jurisdictions, works closely with global regulatory authorities, and will connect global exchanges through its highly secure, ultra-low latency trading infrastructure to provide capital efficiency solutions for hedge funds, family offices, and proprietary trading platforms. LTP founder and CEO Jack Yang stated that Dubai's progressive regulatory framework provides an ideal environment for institutional clients and that the company is committed to operating under robust regulatory standards.

Golden Ten Data reported on April 24 that since the war in Iran, fossil fuel prices have surged, squeezing polyester suppliers and garment manufacturers in India and Bangladesh, potentially raising costs for fast-fashion retailers such as Zara and H&M. Bagriya, General Manager of Filatex, one of India’s largest polyester yarn producers, said that due to supplier price hikes and disruptions in Middle Eastern supply, the prices of petrochemical raw materials needed for the company’s yarn production—purified terephthalic acid (PTA) and monoethylene glycol (MEG)—have risen by nearly 30%. Asia-based apparel supply chains are feeling this pain. Arya, CEO of Bindal Silk Mills, which supplies dyed and printed polyester fabrics to retailers such as H&M, Zara’s parent company Inditex, Target, Walmart, and IKEA, stated that the energy crisis has significantly pushed up the cost of chemicals and dyes. Polyester, made from petrochemicals, dominates the textile industry, accounting for 59% of global fiber output and used in products ranging from running shorts to dresses. It is directly affected by the squeeze in refined petroleum products caused by the closure of the Strait of Hormuz. This pressure may eventually pass downstream to retailers that rely on Asian polyester fiber supply chains, although retailers can avoid direct pain through forward purchasing.