The Fragile Relief Rally

The fragile standstill in the Middle East has eased Bitcoin traders’ panic, but they’re not tearing up their hedges against a sharp drop just yet, according to Bybit chief market analyst Han Tan.

“Relief rallies across the risk complex have been limited by lingering doubts over a meaningful end to this Middle East conflict,” Tan said. 

“The fragile ceasefire remains on shaky ground,” he added.

Bitcoin powered 8% after the U.S. and Iran announced a conditional two-week truce that includes steps tied to reopening the Strait of Hormuz. The narrow shipping lane carries about a fifth of global oil and liquefied natural gas.

The ETF Inflows

April has seen $411…

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