Ceasefire expectations between the U.S. and Iran heat up, boosting risk appetite—Bitcoin leads the crypto market rally According to CoinDesk, as expectations for a potential U.S.-Iran ceasefire agreement continue to rise, market risk appetite has significantly recovered. Reports suggest the ceasefire plan could officially take effect on Monday, with the Strait of Hormuz expected to reopen for navigation, providing a boost to global risk assets. Bitcoin surged first, leading the crypto market to rally across the board, with mainstream assets like $ETH and Solana following suit. The derivatives market is also signaling positivity: the structure of the Bitcoin futures market continues to improve, with 30-day implied volatility dropping significantly; Nasdaq 100 futures rose 0.8%, further reinforcing the market's risk-on sentiment. However, analysts caution that this rebound carries considerable uncertainty: previous ceasefire news has been repeatedly denied by Iran, and if the reports are disproven, the market could reverse quickly. Additionally, doubts remain about the actual binding force of the agreement on Israel, making it difficult to determine whether risk appetite can be sustained. Overall, Bitcoin still has some upward potential, but geopolitical and macroeconomic variables remain key factors constraining the market's performance.