Bitcoin and Ethereum experienced significant rallies as ceasefire news improved market sentiment, leading to increased risk appetite in the crypto space. Both cryptocurrencies saw open interest in perpetual futures markets rise by over $2 billion, indicating a surge in fresh long positions. This suggests traders are betting on further upside, driven by optimism from the ceasefire headlines. The rally highlights the sensitivity of crypto markets to global events, with traders actively positioning for gains rather than merely reacting to price increases. The rise in open interest reflects renewed confidence, as traders increased exposure to Bitcoin and Ethereum. However, the sustainability of this rally depends on continued support from spot market buyers, as futures-led rallies can be volatile without underlying demand.