The total crypto market printed roughly $123 billion in 24-hour trading volume on April 7-8 as Bitcoin ripped past $72,000 on the U.S.-Iran ceasefire announcement, a figure that had not been reached since mid-March when BTC was still trading above $70,000 before the war-driven selloff began. For context, daily volume had been averaging between $60 billion and $85 billion through most of late March and early April as participation dried up, fear dominated sentiment, and leverage traders sat on their hands waiting for a catalyst.

That catalyst arrived Tuesday morning when Trump announced a two-week ceasefire, and the market responded with something it had not shown in weeks. Real conviction backed by real money, rather than another…