I noticed an interesting move in the market in early April. Bitcoin and ethereum both suddenly surged after news of a ceasefire, and this isn’t just spot buying. I’m looking at the futures data—there’s definitely real activity. Open interest increased by more than two billion for both assets, which suggests that traders were massively opening long positions in perpetual futures.

This is an important point because when the price rises together with open interest, it usually means people aren’t simply closing old positions, but actively adding new ones. Such a scenario can provide a strong boost in the short term, especially if market sentiment changes sharply. In this case, the news of the cessation of hostilities clearly acted as a catalyst—bringing back risk appetite, and crypto immediately felt it.

But here’s an interesting observation: rallies that are driven mainly by futures are quick, but they don’t always last long. If there isn’t enough demand in the spot market, bitcoin and ethereum could lose momentum when traders start taking profits. At the moment, it’s clear that crypto traders are ready to respond aggressively to an improvement in global risk sentiment. The two billion increase in open interest is a clear signal that bullish confidence has returned. The only question is whether it will last.