$39B returns to crypto markets – Bitcoins macro relief rally may fade WITHOUT…
Optimism around U.S. Secretary of State Marco Rubio-led ceasefire talks lifted risk sentiment across crypto markets. The talks followed a reported agreement between the U.S. and Iran on a 60-day ceasefire framework. Both sides retained the option to extend it through mutual agreement. Amid the development, the total crypto market cap increased by roughly $39 billion, up 1.37%, and stabilized near $2.19 trillion. Bitcoin [BTC] reclaimed the $64,000 level at press time. Ethereum [ETH] also showed signs of recovery and traded around $1,723. However, average daily trading volume remained below normal levels at $52 billion to $55 billion. That suggested conviction remained limited despite the rebound. Are traders turning bullish? As markets recovered, traders gradually rebuilt exposure through derivatives. Open Interest stood at roughly $108 billion over the past 24 hours. The rise in Open Interest suggested participants positioned for further upside. Even so, overall sentiment remained cautious rather than aggressive. Source: CoinGlass Funding Rates stayed near neutral to slightly positive, indicating longs paid only a modest premium to maintain positions. Meanwhile, the Long/Short Ratio remained balanced, with longs at 50.35% and shorts at 49.65%. Source: CoinGlass Liquidations also eased to roughly $146 million after earlier volatility flushed weaker positions. That pointed to improving risk appetite. Even so, leverage appeared to