I noticed that Bitcoin and Ethereum moved well after the news of the ceasefire. Not just a small uptick, but really volume coming in to perpetual futures. What interests me is that it’s not only people buying at spot and waiting. Traders are opening long positions in bulk, and open interest has exploded by more than $2 billion for each asset.

This kind of move says something important about Bitcoin’s market sentiment right now. When the price rises at the same time as open interest increases, it means new funds are really flowing in—not just liquidating old positions. People are clearly optimistic, and they’re putting their money into it.

But the real question is whether it holds. Rallyes in futures can be violent and fast, but they only last if spot buyers follow along too. If sentiment flips, we could see traders take profits and it all collapses. For now, Bitcoin sentiment looks positive, but you have to stay vigilant. The added $2 billion in open interest is serious—it shows bullish conviction has returned—but it’s also a risk if everyone thinks the same way.