Last night, after Trump announced a ceasefire with Iran, crypto markets broke away from their overnight red price moves and took a breath. Bitcoin surged to 72,700 dollars, and ether also logged gains of around 6%. But honestly, the market is still squeezed in the same range it has been stuck in since early February; Bitcoin needs to break 75,000 dollars or there is a risk of reverting back to 65,000 dollars.

However, things were a bit different in the derivatives market. In the past 24 hours, positions worth more than 600 million dollars were liquidated—interestingly, 420 million of that was short positions. It seems bearish investors hadn’t been expecting this move. At the same time, open interest climbed to the highest level since March 17, reaching a total of 114 billion dollars. Ether’s open interest also rose by 6%, reaching 14 million. While volatility indexes are falling, funding rates are pointing upward—meaning traders are buying aggressively.

On the altcoin side, zcash took the lead, posting a gain of around 23%. Monad and Layerzero also drew attention, while ENA made a clear move. AI tokens like NEAR and RENDER also inched toward double-digit gains. As the CoinDesk 20 index rose by 4.9%, the DeFi Select and Computing Select indices each recorded gains of 7%. Lending rates are continuing to rise as well, with CDOR reaching 3.51%.

Bluetooth appears to have quietly sold most of the bitcoin it held in October 2024. Its reserve has now fallen to 3,954 BTC. It also seems to have slowed down its hydroelectric mining. Meanwhile, oil fell sharply, with Brent sliding to 94 dollars per barrel. Traders will now wait to see what happens after the ceasefire.