Bitget UEX Daily Report｜Hormuz Reopens as a Focus of Negotiation; Nvidia's Market Value Exceeds 5.2 Trillion; Storage Stocks Hit New Highs (April 28, 2026)

# 1. Hot News

Federal Reserve Dynamics

Dalio warns that stagflation has arrived, and rate cuts may damage the Fed's credibility

• Bridgewater founder Dalio stated on Monday that the U.S. is currently in a stagflation phase, with inflationary pressures far exceeding targets and becoming more urgent.
• He pointed out that if Waller chooses to cut rates after taking over from Powell as Fed Chair in mid-May, it could damage market confidence in the Fed at a critical juncture.
• Market impact: Concerns about stagflation are heightening investor caution regarding a shift in monetary policy, which may limit the upside potential of risk assets in the short term while supporting the performance of precious metals as a safe haven.

International Commodities

Reopening of the Strait of Hormuz becomes the focus of U.S.-Iran negotiations, oil prices boosted by geopolitical risks

• Iranian Foreign Minister Amir-Abdollahian stated that the U.S. has requested negotiations, and Iran is considering it; U.S. Secretary of State Rubio called Iran's proposal to reopen the strait under strict conditions "unacceptable."
• The White House confirmed that Trump's national security team met on Monday to discuss related proposals, with reports indicating that Trump himself is dissatisfied with Iran's latest plan.
• Market impact: The Strait of Hormuz, as a global oil transport artery, has its uncertainty directly raising the risk premium for crude oil, supporting higher oil prices while also exacerbating global supply chain inflationary pressures.

Macroeconomic Policy

The Bank of Japan will announce its interest rate decision today, with the market expecting no changes

• The Bank of Japan will announce its interest rate decision, with Governor Ueda holding a press conference at 14:30; interest rate derivatives pricing shows only a 7% probability of a rate hike.
• The Director of the U.S. Congressional Budget Office warned that after the Supreme Court ruling limiting Trump's emergency tariff powers, the federal deficit could increase by $1.1 trillion over the next decade.
• Market impact: The continuation of the Bank of Japan's easing expectations combined with U.S. fiscal deficit pressures keeps interest rate differential trading attractive, but also reminds investors to pay attention to the potential transmission of global policy divergence on the dollar and emerging market assets.

# 2. Market Review

Commodity and Forex Performance

• Spot Gold: Slightly up 0.29%, reported at about $4695 per ounce.
• Spot Silver: Slightly up 0.5%, reported at about $76 per ounce.
• WTI Crude Oil: Up about 0.72%, reported at about $97 per barrel.
• Brent Crude Oil: Up about 0.64%, reported at about $102 per barrel.
• Dollar Index: Slightly down 0.01%, reported at about 98.48, maintaining narrow fluctuations under the interplay of Fed policy expectations and geopolitical factors.

Cryptocurrency Performance

• BTC: Down about 1.8% in 24H, currently reported at about $77,463, continuing short-term consolidation but still holding above the $77,000 mark.
• ETH: Down about 2.7% in 24H, currently reported at about $2,310, showing weak fluctuations under the drag of the broader market.
• Total Cryptocurrency Market Cap: Down about 2.1% in 24H, total market cap around $2.66 trillion.
• Market Liquidation Situation: Total liquidation in 24H about $396 million, with long positions liquidated at $277 million.
• Bitget BTC/USDT Liquidation Map: Current price around $77,300, with a dense short liquidation zone at $77.5k--$79k above, the structure is more inclined to squeeze upwards, with a short-term direction leaning towards testing $78k+. However, if it cannot stabilize and falls back below $77k, it will trigger a rapid liquidation of long positions, with the key dividing line at $77k.

• Spot ETF Net Inflow/Outflow: BTC spot ETF saw a net outflow of about $263 million yesterday; ETH spot ETF saw a net outflow of $48.4 million yesterday.
• BTC Spot Inflow/Outflow: Net outflow of about $121 million yesterday (inflow $2.276 billion vs outflow $2.397 billion).

U.S. Stock Index Performance

• Dow Jones: Down 0.13%, reported at about 49,168 points, softened towards the end of trading.
• S&P 500: Up 0.12%, reported at about 7,174 points, setting a new historical high for two consecutive days.
• Nasdaq: Up 0.2%, reported at about 24,887 points, also setting a new historical high, with significant contributions from tech-weighted stocks.

Tech Giants Dynamics

• Apple (AAPL): $271.06, down 0.87%
• Microsoft (MSFT): $424.62, up 2.13%
• Google (GOOGL): $344.40, up 1.63%
• Amazon (AMZN): $263.99, up 3.49%
• Nvidia (NVDA): $216.61, up 4.01%
• Meta (META): $675.05, up 2.42%
• Tesla (TSLA): $376.30, up 0.69%

Sector Movement Observation

Storage Concept shows prominent gains

• Representative stocks: SanDisk up 8.11%, Micron Technology up 5.6%, Seagate Technology up 1.64%, all hitting historical highs.
• Driving factors: AI trading enthusiasm drives the release of new products like DDR5, combined with strong demand expectations.

Rare Earth Concept rebounds strongly

• Representative stock: Critical Metals up 25.54%.
• Driving factors: Acquisition of the European lithium company Tanbreez project strengthens the rare earth resource layout.

Semiconductor Index slightly adjusts

• Philadelphia Semiconductor Index down 1%, ending an 18-day winning streak, with 24 constituent stocks declining.
• Driving factors: Overbought signals and divergence in manufacturing data triggered profit-taking.

# 3. In-Depth Analysis of U.S. Stocks

1. Nvidia (NVDA) - AI demand reignites market cap to new highs

Event Overview: On Monday, Nvidia's stock price rose 4%, closing at $216.61, with a market cap exceeding $5.26 trillion, more than $1 trillion higher than the second-largest company globally. Over the past year, the stock price has increased by 93%, with revenue up 65% year-on-year. Bank of America maintains a buy rating with a target price of $300. Market Interpretation: Institutions believe the commercialization verification window for AI is about to open, and this week's tech giants' earnings reports will be a key catalyst. Investment Insight: Strong demand for AI infrastructure continues, suggesting attention to Nvidia's long-term leading position in computing power.

2. Microsoft (MSFT) - Enters a new phase of collaboration with OpenAI

Event Overview: Microsoft and OpenAI announced the next phase of their collaboration, with Microsoft no longer paying revenue sharing to OpenAI, and the OpenAI license becoming non-exclusive, applicable until 2032; revenue sharing continues until 2030 but with a cap. Microsoft remains the primary cloud partner, with OpenAI products prioritized for release on Azure. Market Interpretation: This move strengthens the strategic binding between the two parties while reducing Microsoft's cost pressures, and institutions are optimistic about the synergy in cloud business. Investment Insight: Deep integration of the AI ecosystem is expected to continue driving Microsoft's cloud revenue growth, benefiting its valuation expansion in the long term.

3. Google (GOOGL) - Employees petition against military AI projects

Event Overview: Over 580 Google employees (including more than 20 executives and DeepMind personnel) signed an open letter urging CEO Sundar Pichai to refuse to undertake classified AI business with the U.S. Department of Defense. The letter will be delivered this week, emphasizing that the use of AI tools for physically isolated classified systems will raise ethical concerns. Market Interpretation: Institutions believe this may trigger internal governance discussions in the short term, but Google's path to AI commercialization remains substantively unaffected. Investment Insight: Continuous tracking of the balance between corporate ethics and government contracts is necessary, as long-term AI layout remains attractive.

4. Critical Metals - Rare earth acquisition boosts stock price

Event Overview: Critical Metals' stock price rose 25.54%, mainly due to the $83.5 million acquisition of the European lithium company Tanbreez rare earth project. Market Interpretation: Institutions are optimistic about the security of rare earth supply chains in the U.S. and its allies, leading to a revaluation of related assets. Investment Insight: In the context of geopolitical supply chain restructuring, rare earth resource companies may face structural opportunities.

# 4. Cryptocurrency Project Dynamics

1. Markus Thielen, head of research at 10x Research, stated that Bitcoin's recent rise towards $80,000 has been accompanied by a significant decline in trading volume and a deeply negative funding rate, raising doubts about the sustainability of the rebound. Weekly trading volume for Bitcoin is down 17% from the average, Ethereum's trading volume is down 20%, and the funding rate has decreased by 6.8% to the 3rd percentile, with transaction volume down 33% to the 4th percentile. This rise is mainly driven by spot buying or short covering, rather than leveraged long speculation. Bitcoin ETFs have seen net inflows for nine consecutive days, with total inflows in April reaching $2.5 billion, and Bitcoin's market cap share rising to 60%. The volatility in the options market has dropped to the lower quartile of historical ranges, with traders pricing in relatively mild price fluctuations. Ethereum's trading volume has decreased by over 50%, and derivative positions show limited risk appetite. Thielen pointed out that the market has shifted from a more active trading environment to a state where most participants are on the sidelines; a low funding rate and low transaction volume historically reflect hesitation rather than momentum. However, with limited leveraged long positions, the risk of forced liquidations on the downside is reduced, and if a catalyst appears, the short-term risk-reward may skew towards asymmetric upside.

2. Fidelity Digital Assets, in its latest Q2 2026 Signals report, stated that while the crypto market is in a consolidation phase, several indicators are showing early signs of stability. The report noted that Bitcoin remains the market "anchor," with funds continuing to concentrate on this most liquid asset, and its unrealized profits and market cap dominance reflect relative resilience during turbulent periods. Analysts stated that momentum and profitability indicators overall align with characteristics of a "correction phase," potentially laying the groundwork for a more stable structure. Additionally, Ethereum's and Solana's on-chain activity and price trends have diverged, with network usage demand remaining strong but valuations lagging, indicating that demand at the underlying protocol level has not weakened.

3. Jack Dorsey's payment company Block released a reserve proof, stating that as of the end of Q1 2026, the company holds a total of 28,355.05 Bitcoins, valued at approximately $2.2 billion. Among these, customer holdings account for 19,357.16 Bitcoins (about $1.5 billion), and the company's treasury holds 8,997.89 Bitcoins (about $696 million).

4. The Solana Foundation announced that its core development teams Anza and Jump Crypto's Firedancer have reached an agreement on anti-quantum solutions, both adopting a digital signature scheme called Falcon, and have begun building early versions.

5. Bitcoin mining company MARA's CEO Peter Thiel announced the establishment of a non-profit organization, the MARA Foundation, dedicated to the long-term health, resilience, and adoption of the Bitcoin protocol. The foundation will support the development of anti-quantum tools (such as PQ wallets and BIP 360 proposals), believing that while quantum computing is not an immediate threat to Bitcoin, network upgrades require time, making early preparation crucial.

6. U.S. Congressman Nick Begich stated at the Bitcoin 2026 conference that he plans to reintroduce his Bitcoin Strategic Reserve Act in the coming weeks, renaming the original "BITCOIN Act" to the "U.S. Reserve Modernization Act."

7. The Avalanche Foundation stated on the X platform that it has joined the DeFi United coordination action to support the restoration of rsETH collateral support.

# 5. Today's Market Calendar

Data Release Schedule

|-----------|----|-----------------------------|------| | 14:30 JST | Japan | Bank of Japan interest rate decision and Ueda's press conference | ⭐⭐⭐⭐ | | 22:00 ET | U.S. | SP Case-Shiller Home Price Index, Consumer Confidence Index | ⭐⭐⭐ | | 22:00 ET | U.S. | Richmond Fed Manufacturing Index | ⭐⭐ |

Important Event Forecast

Tuesday (April 28)

1. Coca-Cola pre-market, Seagate Technology, Robinhood post-market Q1 earnings

Wednesday (April 29)

1. Alphabet, Amazon, Microsoft, Meta Platforms post-market Q1 earnings ★★★★★ (The true start of earnings season, AI growth and profit performance will directly determine whether the market can continue its upward trend, with high volatility)

Thursday (April 30)

1. Federal Reserve FOMC interest rate decision (02:00 Beijing time) + Powell press conference (02:30) ★★★★★

(Market highly focused on the dot plot and rate cut path, Powell may face his last important statement during his term)

1. March PCE Price Index (the Fed's preferred inflation indicator) ★★★★★
2. Apple post-market Q1 earnings ★★★★★ (The last of the seven giants, AI and service business performance are highly anticipated)
3. Others: Eli Lilly, Western Digital pre-market; SanDisk post-market

Friday (May 1)

1. U.S. Q1 GDP data (The first reflection of the Middle East situation's actual impact on the economy)
2. ISM Manufacturing PMI
3. Chevron, Exxon Mobil pre-market Q1 earnings.

*Overall operational advice: This week marks a dual climax of earnings season + FOMC, with the seven giants' earnings + PCE data as core drivers. If AI performance exceeds expectations, it will boost risk appetite; conversely, it may be suppressed by hawkish statements/high inflation, focusing on structural opportunities in big tech.

Institutional Views:

Well-known investment bank analysts generally believe that the current market is dominated by AI-driven technology and semiconductor sectors. Although the Philadelphia Semiconductor Index ended its winning streak, the new highs in market cap for giants like Nvidia reflect that AI commercialization demand remains resilient. In terms of geopolitical factors, the uncertainty of negotiations in the Strait of Hormuz has raised the risk premium for oil prices, supporting the energy sector, but also reminding investors to be wary of stagflation risks (Dalio's view). The dollar index is fluctuating narrowly, with Fed policy expectations relatively stable. In the cryptocurrency market, the continued slight net inflow into Bitcoin ETFs provides support, and institutions are optimistic that if key resistance levels are broken, it will drive a rebound in Altcoins. Overall, short-term volatility may increase, but the AI theme and the mismatch in supply and demand for commodities remain the main upward driving forces, suggesting attention to policy implementation and earnings verification windows.

Disclaimer: The above content is organized by AI search, with human verification for publication, and does not constitute any investment advice.