Bitget UEX Daily Report｜Trump claims Iran requests a delay in strikes; US stocks experience the largest drop since the outbreak of war between the US and Iran; Apple opens Siri to external AI (March 27, 2026)

# I. Hot News

Federal Reserve Dynamics

Traders hedge against war risks, betting that the Federal Reserve may urgently raise interest rates within weeks

• Trump announced a further 10-day extension for strikes on Iranian energy facilities, with the latest deadline set for April 6 (Eastern Time). He stated that the delay was "at Iran's request" and claimed that negotiations were progressing smoothly, but also acknowledged uncertainty about whether the new deadline would be strictly enforced, depending on the progress of negotiations.

  However, subsequent reports from U.S. media revealed significant discrepancies. The Wall Street Journal cited mediators saying that Iran did not request the U.S. to postpone airstrikes and had not yet given a final response to the ceasefire proposal put forth by the U.S.; at the same time, Iran clearly rejected linking missile programs with uranium enrichment as preconditions for negotiations, indicating substantial differences remain. As concerns over the escalating situation in Iran intensified, bond traders placed bets on rising SOFR through the interest rate options market, anticipating that the Federal Reserve might initiate interest rate hikes within the next two weeks.

• Previously, market expectations for three interest rate cuts within the year have completely reversed; since the conflict erupted on February 28, the probability of a rate hike by the end of the year has been priced in at about 50%. If expectations for a rate hike strengthen before the April 29 monetary policy meeting, such hedging trades will profit, putting short-term pressure on U.S. Treasury prices. This dynamic reflects that geopolitical risks are rapidly transmitting to monetary policy expectations, potentially further increasing market volatility.

International Commodities

U.S. Treasury Secretary Yellen announces that the shipping insurance plan for the Strait of Hormuz is about to launch

• The plan aims to ensure the safe passage of about one-fifth of global oil and gas transport chokepoints;
• Yellen emphasized that the production increase policy during Trump's administration has significantly enhanced U.S. domestic oil and gas capacity, strengthening the economy's resilience to short-term energy disruptions;
• The backdrop is that the Iranian conflict may affect shipping in the strait, and the implementation of insurance is expected to alleviate supply chain disruption risks, but the actual execution effects still need to be monitored. This move injects stability expectations into the oil market but also highlights the ongoing pressure of current geopolitical tensions on commodity supply chains.

Macroeconomic Policy

Private credit industry faces a wave of concentrated redemptions, with over $46 billion locked up

• Investors applied for redemptions totaling about $130 billion this quarter, but due to a 5% cap per quarter, only about two-thirds of the funds were actually redeemed;
• This week, Apollo Global Management and Ares Management joined the ranks of firms imposing redemption restrictions, following similar measures by BlackRock and Morgan Stanley;
• More institutions are expected to implement similar measures in the coming weeks, potentially exacerbating liquidity tensions in the private credit sector. This event, combined with geopolitical risks, may amplify vulnerabilities in the financial system, necessitating caution regarding the transmission of credit tightening to the real economy.

# II. Market Review

Commodity & Forex Performance

• Spot Gold: Up 0.16%, priced at about $4,380/ounce.
• Spot Silver: Down 0.54%, priced at about $67.7/ounce.
• WTI Crude Oil: Down 0.83%, priced at about $92--94/barrel.
• Brent Crude Oil: Down 0.78%, priced at about $101/barrel.
• U.S. Dollar Index: Down 0.01%, priced at about 99.92.

Cryptocurrency Performance

• BTC: Down 3.39% in 24H, priced at about $68,750, with its continuous trend affected by U.S. stock market corrections and geopolitical risks, but showing relatively strong resilience compared to gold;
• ETH: Down 4.56% in 24H, priced at about $2,067, following the overall market downtrend, lacking independent catalysts.
• Total Cryptocurrency Market Cap: Down about 3.3% in 24H, with the total market cap falling back to $2.44 trillion due to the drag from mainstream coins.
• Market Liquidation Situation: Total liquidation of about $333 million in 24H, with long positions liquidated at about $293 million.
• Bitget BTC/USDT Liquidation Map: Current price is about $68,726, with a noticeable reduction in the liquidation zone for long positions below, while there remains a significant concentration of high-leverage short liquidation in the $69,500--71,500 range, making it easier for a short squeeze to occur in the short term. The overall liquidation structure shows that liquidity above is significantly stronger than support below; if prices continue to fluctuate, they are likely to test the dense liquidation zones upwards first.

• Spot ETF Net Inflow/Outflow: BTC spot ETF saw a net outflow of $129 million yesterday, while ETH spot ETF had a net outflow of $49 million yesterday;
• BTC Spot Inflow/Outflow: BTC saw an inflow of $2.192 billion yesterday and an outflow of $2.359 billion, resulting in a net outflow of $166 million, continuing the recent volatility pattern.

U.S. Stock Index Performance

• Dow Jones: Down 1.01%, at 45,960.11 points, with a relatively stable continuous trend;
• S&P 500: Down 1.74%, at 6,477.16 points, characterized by the largest single-day drop since the conflict began on February 28;
• Nasdaq: Down 2.38%, at 21,408.08 points, driven by a collective decline in tech stocks.

Tech Giants Dynamics

• Apple (AAPL): Up