Overview
- - Bitcoin reclaimed the $71,000 area and ether neared $2,250 as a two‑week U.S.–Iran ceasefire and the reopening of the Strait of Hormuz pushed oil lower and revived risk appetite.
- - More than $400 million in short positions were wiped out within 24 hours, a squeeze Coinglass data links to the jump that may fade if fresh demand does not appear.
- - Derivatives activity surged, with futures volume near $50 billion and leveraged longs on Bitfinex around two‑year highs, while Coinbase’s U.S. pricing premium wavered and signaled uneven institutional interest.
- - Spot fund flows looked cautious, with U.S. bitcoin ETFs reporting net outflows on Tuesday and XRP products reversing in March as CoinShares tallied about $130 million exiting after a strong retail‑led launch.
- - On‑chain signals stayed mixed as Ethereum’s exchange reserves sat roughly 77% below their 2021 peak, which tightens visible supply but has not yet produced the steady spot buying needed for a durable breakout.