$BTC Holds $69k as US-Iran Ceasefire Talks Fall Flat

After a turbulent weekend, reports of ceasefire talks between the United States and Iran briefly imbued global markets with newfound confidence and optimism.

Over $30B was added to crypto’s total market capitalization overnight, wiping out over $273M in short positions as Bitcoin surged back over $69,000.

All eyes now turn to ETF markets, where Solana-based products look to regain the momentum that made them one of the most successful ETF launches in history.

$273M in Shorts Liquidated in 24 Hours

In typical fashion, U.S. President Donald Trump has put global markets on a rollercoaster after TradFi desks wound down for the weekend. After Trump gave the Iranian government until Tuesday to reopen the Strait of Hormuz or risk “living in Hell”, the warring nations have since received a 45-day ceasefire proposal from international moderators.

Markets have reacted positively to the prospect of de-escalation. After fluctuating at the bottom of its range for several days, $BTC charged back into bullish territory late on Sunday, surging over 4% in a matter of hours to reclaim the coveted $69k mark.

According to Coinglass data, Bitcoin’s abrupt move to the upside triggered over $274M in short liquidations in the space of 24 Hours. Buoyed by Bitcoin’s rise, altcoins across crypto markets also enjoyed similar gains, lifting the total market cap of crypto assets by around $30B.

That being said, many assets like $SOL struggled to outperform $BTC in this move, suggesting traders are still unwilling to move further down the risk curve.

However, recent reports out of the Middle-East suggest that the Iranian government has rejected the proposal to reopen the Hormuz Strait. Despite the refusal, markets remain relatively unmoved.

Despite the optimistic flare in sentiment, markets aren’t convinced that ceasefire talks will yield positive results. Polymarket trading data suggests there is only a 17% chance of a ceasefire being declared before April 15, indicating that conflict over the Strait of Hormuz will continue.

$SOL ETFs Seek to Regain Momentum

With macro conditions looking unfavorable and geopolitical turmoil continuing to sow uncertainty in markets, $SOL ETF flows have stagnated. After a historic start for the funds, which recorded 13-straight weeks of net inflows, Solana ETFs witnessed over $5M in net outflows in the lead up to the Easter weekend.

At press time, Solana ETFs constitute $771M in AUM, representing around 1.7% of $SOL’s circulating market capitalization. After a slow week, allocators are likely waiting for greater clarity around the unfolding ceasefire proposals before positioning themselves.

Solana Maintains Grip on Onchain Spot Volumes

While TradFi players and ETF investors appear to be content to sit on the sidelines for now, the onchain economy continues to hum along steadily. Based on DefiLlama data, Solana sits relatively unchallenged as the leader in onchain spot market activity, commanding 24.95% of market share.

Meanwhile, the tokenized stock market continues to find meaningful adoption. Blockworks data suggests that Solana has effectively captured the entire onchain spot equities market, processing over 98% of all tokenized stock trading volume.

With talks of a ceasefire struggling to gain ground, market participants have once again fixed their attention on the Strait of Hormuz, where the passage of oil freighters and the whims of world leaders continue to ignite volatility across all asset classes.

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