Bitcoin and Ethereum prices surged in the Asian morning session, with BTC surpassing $69,000 and ETH exceeding $2,140, triggering approximately $200 million in short liquidations. This price movement comes as former President Trump delayed a decision on military action against Iran for the fourth time, reducing market sensitivity to geopolitical tensions. Despite the geopolitical backdrop, the crypto market's current price action suggests stability rather than a flight to safety. Option implied volatility has returned to pre-sell-off levels, and skew structures are recovering, indicating a decrease in hedging demand. Overall, the market sentiment appears to lean towards risk-on, although the sustainability of this trend remains to be seen with the opening of U.S. stock markets.