#夏日创作营 Bitcoin returns to $65,000—ceasefire in the Middle East, an ETF three-session winning streak, and Wall Street giants collectively rushing to accumulate—has a reversal signal arrived?

From July 26 to 27, the entire crypto market surged across the board—Bitcoin broke through the $65,000 level, Ethereum rose more than 4%, Dogecoin jumped as much as 6% at one point, and Solana’s gains expanded to around 3%. As of Beijing time on the 27th, Bitcoin was trading at about $65,150, holding steadily above the key $65,000 level.

## Biggest catalyst: easing tensions around the Strait of Hormuz
The biggest weekend news came from the Middle East. On July 26, local time, an Iranian army spokesperson said that the U.S. has halted its strikes against Iran for two consecutive nights, and Iran’s corresponding retaliatory strikes were paused as well.

Meanwhile, Iran and Oman held multiple rounds of deputy foreign-minister-level talks on maritime shipping management issues in the Strait of Hormuz. Iran’s Ministry of Foreign Affairs said the talks were “productive and achieved some progress.”

The market’s pricing of geopolitical risk reacted immediately—crypto surged across the board. Bitcoin neared $65,000, while Ethereum and Solana’s gains expanded to above 2%. Overall, this rebound reflects that market risk appetite is starting to warm back up.

At the same time, international oil prices tumbled sharply and gold rose, with clear signs that funds are shifting from safe-haven assets to risk assets.

Cryptocurrencies are being traded by the market as “geopolitical-risk-sensitive assets”—that’s nothing new, but this time the speed and magnitude of the reaction are worth noting.