Crypto Morning Brief April 12 | US-Iran negotiations collapse, geopolitical risk heats up | Sovereign sell-off vs institutional buying shows major divergence | Spot ETFs defy the trend and attract capital TL;DR (Too Long; Didn't Read): Geopolitical black swans in full swing: The 21-hour US-Iran negotiations have collapsed, with sweeping operations in the Strait of Hormuz raising suspicions. Intense macro risk-aversion sentiment is putting downward pressure on the market. Sovereign/Institutional divide: The Bhutan government has sold off up to 70% of its Bitcoin reserves over the past 18 months (possibly marking the end of its sovereign experiment), while on the other side, the institution "Strategy" has aggressively acquired 3,447 BTC via STRC. Spot ETFs continue to see net inflows. Satoshi Nakamoto identity stirs controversy again: Following an investigative report by *The New York Times*, Blockstream CEO Adam Back quickly stepped forward to clarify and deny being the founder of Bitcoin. AI and Crypto infrastructure advancing together: OpenClaw has released its latest v2026.4.10 version, focusing on active memory sub-agents and deep integration with Codex. Core technologies continue to iterate and evolve.