Wall Street got a clean risk-on session Wednesday. The S&P 500 gained 2.55%, the Nasdaq 2.97%, and the Russell 2000 nearly 3%, as an Iran ceasefire agreement triggered a swift unwind of defensive hedges. The VIX collapsed nearly 13% to 21.04 — its sharpest single-day compression since the recent selloff — and 10-year Treasury yields fell 16 basis points to around 4.20% as safe-haven demand eased.

Crypto didn’t follow the script.

Bitcoin is trading at $70,877 as of Thursday morning in Asia, down 0.95% over 24 hours, despite posting a 6.5% gain on the week. Altcoins fared worse across the board: ETH fell 2.94% to $2,177, SOL dropped 3.44% to $81.89, BNB shed 2.52% to $599, and XRP slid 2.83% to $1.34.

The divergence from equities…