[Bitop Review] US-Iran Negotiations Fail to Materialize, US Stocks Fall, Bitcoin Consolidates in Range

Stocks fell following reports that Iranian officials refused to participate in negotiations and US Vice President JD Vance postponed his scheduled visit to Pakistan. Bitcoin (BTC) continues to consolidate in the 74K–77K range. Spot Bitcoin ETFs have seen net inflows for 5 consecutive days, and the volatility spread indicates that market sentiment may be stabilizing, shifting towards a more neutral stance.

US-Iran Negotiations Fail to Materialize, US to Continue Blockade of the Strait of Hormuz

The ceasefire agreement, originally expected to expire on Wednesday, could not lead to smooth peace negotiations due to Iranian officials refusing to participate and US Vice President JD Vance postponing his planned trip to Pakistan.

Trump stated on Tuesday that although the US will hold off on launching new attacks, it will maintain its blockade of the critical Strait of Hormuz, which currently remains effectively paralyzed. This is just one of many unresolved issues, with others including Iran's nuclear capabilities and Israel's military operations in Lebanon.

US retail sales for March rose 1.7% month-over-month, beating market expectations of 1.4% and marking the largest increase of the year. Notably, gas station sales surged, showing that consumers continue to spend on various goods despite skyrocketing gasoline prices triggered by the war.

Fed Chair Nominee Kevin Warsh Emphasizes Policy Independence

The US Senate Banking Committee held a confirmation hearing on April 21, 2026, for Kevin Warsh, Trump's nominee for Federal Reserve Chairman.

Warsh pointed out that the Fed needs a new framework to address persistent inflation, though he did not provide further details. He also stated that the US President did not ask him to commit to specific interest rate decisions. He pledged: "If confirmed as Fed Chair, I will act in an independent capacity."

The market interpreted his stance as leaning towards maintaining policy independence, driving up US Treasury yields.

Bitcoin Consolidates in Range, Market Sentiment Stabilizes

Bitcoin continues to consolidate in the 74K–77K range, and market sentiment (Fear and Greed Index) remains in a neutral to slightly optimistic zone. Funding rates have turned positive (indicating that long positions outnumber short positions in the market).

Spot Bitcoin ETFs have seen net inflows for 5 consecutive days, while Ethereum ETFs have recorded net inflows for 8 consecutive days.

According to a report by Glassnode, although Bitcoin's upward price momentum has slightly weakened, the market still shows strong buying interest, which could help defend against significant price drops. Meanwhile, the demand for downside protection in options trading has decreased, suggesting that bearish sentiment may have eased. At the same time, the volatility spread indicates that market sentiment may be stabilizing, shifting from a risk-on appetite to a more neutral stance.

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