Traders poured $3 billion into Binance after Bitcoin hit $72,734 on ceasefire headlines – what are they betting on?

Bitcoin climbed back above $70,000 on Wednesday after news that the United States and Iran had agreed to a Pakistan-brokered two-week ceasefire tied to reopening the Strait of Hormuz. According to CryptoSlate's data, the top crypto rose 5% to a peak of $72,734 before retracing to $71,477 as of press time. Why this matters Bitcoin did not jump in isolation. The ceasefire headline hit oil, inflation expectations, equities, and crypto simultaneously. That makes this move more than a price story. It is an early test of whether easing macro stress can keep capital moving back into risk assets, or whether traders were only covering fear. Data from CryptoQuant showed that within two hours of the news, the top crypto recorded about $3 bilion in taker buy volume on Binance's derivatives markets, indicating how quickly investors repositioned, while hoping the situation continues to evolve positively. Bitcoin Taker Buy Volume (Source: CryptoQuant) Meanwhile, the truce announcement also helped trigger a broad relief move across global markets. Brent crude fell 13.8% to $94.25, and US crude dropped 15.4% to $95.52, while Germany’s DAX rose 4.7%, Japan’s Nikkei 225 gained 5.4%, and South Korea’s Kospi jumped 6.9%. Related Reading Hour by Hour: How Oil fell below $100 a barrel as Bitcoin broke $71k in surreal night of after hours trading A late ceasefire signal erased part of the Middle East risk premium, lifting Bitcoin and stocks while crude reversed fast. Apr 8, 2026 · Liam 'Akiba' Wright However, Bitcoin’s recent return above $70,000 is not the first time that the flagship digital asset has climbed above that threshold following new peace signs in the US-Iran war. Maksym Sakharov, co-founder and group CEO of WeFi, told CryptoSlate : “Whenever there’s tension — geopolitics, macro, and even institutional or micro — the weak investors and traders are always shaken out. The fear is now partly gone with the ceasefire news, but holding onto the $70,000 mark would take more than just a ceasefire.” As a result, the question arises of whether the current rally can be sustained or whether BTC will experience another sell-off. Related Reading Why Bitcoin briefly jumped above $70,000 on Iran deal hopes as Trump’s Hormuz threat keeps rally fragile Oil near $112 and looming CPI and the Fed could decide whether this bounce survives or turns into a deeper drawdown. Apr 6, 2026 · Oluwapelumi Adejumo Oil is still the first link in the chain The Strait of Hormuz remains central to that calculation of whether BTC can sustain its current upward move. About 20% of global oil exports move through the waterway, making any disruption there a direct threat to energy prices, freight costs, and inflation expectations. During the recent escalation, reports revealed that roughly 130 million barrels of crude and 46 million barrels of refined fuel were stranded on around 200 tankers in the Gulf as traffic was disrupted. Due to this, Brent had surged 55% since Feb. 28, and some physical oil markets were pricing crude near $150 a barrel before the ceasefire was announced. That helps explain why the market reaction was so sharp once the truce was reported. Lower oil does not simply reduce one source of headline risk. It also eases one of the most immediate threats to the global macro outlook: a prolonged energy shock could revive inflation just as central banks were looking for room to loosen policy. Notably, Chicago Fed President Austan Goolsbee had warned that the war was creating a stagflation shock, while Dallas Fed research suggested that a longer Hormuz disruption could push US headline inflation above 4% by year-end. However, with the new peace deal, Josh Gilbert, market analyst at eToro, told CryptoSlate that the decline in oil prices signaled that the markets had begun to price in a reopening of Hormuz. According to him, this lower oil price is broadly supportive for global markets because it reduces pressure on consumers, moderates inflation expectations, and removes one of the headwinds that had weighed on equities in recent weeks. For Bitcoin, that shift is crucial. The flagship asset did not break higher as oil surged and war fears intensified. However, it moved when oil dropped, equities rallied, and investors started to price in a less acute inflation shock. Related Reading Why Bitcoin briefly jumped above $70,000 on Iran deal hopes as Trump’s Hormuz threat keeps rally fragile Oil near $112 and looming CPI and the Fed could decide whether this bounce survives or turns into a deeper drawdown. Apr 6, 2026 · Oluwapelumi Adejumo Price is back above $70,000, but the support is uneven Bitcoin’s recent move through the $70,000 threshold was notable, but the trading pattern showed that conviction remains limited. Earlier this month, Glassnode had explained that Bitcoin was trapped in a $60,000 to $70,000 range, with about 8.4 million BTC still underwater and a heavy supply cluster sitting above the market between $80,000 and $126,000. That creat