A phone call between world leaders just gave crypto traders their first good day in a week. After Israel halted military strikes on Iran at former President Trump’s request, risk assets across the board caught a bid, with Bitcoin climbing near $64K on Monday after a brutal 14% drawdown.

The bounce is real, but so is the damage. Over $2B in futures positions were liquidated during the selloff, and the crypto Fear and Greed Index is sitting at 8, a reading that screams “extreme fear.” For context, that index was already at 29 (plain old “fear”) just last week. Going from scared to terrified in seven days is quite the achievement.

The numbers behind the relief rally

Bitcoin posted a 24-hour gain of 2.9%,…