War not escalating(peace talks) = good = risk on. But most of these events are to be prepared for before hand.

Crypto has become extremely competitive. There is no room for complacency.
Market dumps before hand in anticipation of a negative event.
And when the event happens, it recovers. Most would think that it should dump then but when most of the negative things are already done, it’s difficult for things to get worse. So it’s risk on again.