Signs of a substantial easing in geopolitical tensions have emerged, driving a rebound in risk assets. BTC is trading at $76,880, up 3.07% over 24 hours, while ETH is at $2,120.03, up 4.67%. A draft memorandum of understanding has been reached between the US and Iran on halting the war, opening the Strait of Hormuz, and releasing $25 billion in frozen assets. Although final approval from Khamenei is still required, the market has already priced in the retreat of risk. The liquidation amount has sharply fallen 62.04% from the previous day to $359 million, indicating that prior high leverage has been cleared and near-term selling pressure has eased. However, the Fear & Greed Index remains in the panic range at 26. Although the funding rate is positive, it has not become overheated, suggesting investors remain cautious. The rebound is more a passive response to the easing of geopolitical tensions rather than a full shift in sentiment.$BTC $ETH