The Crypto Fear and Greed Index has not printed above 10 for over 60 consecutive days, the longest extreme fear streak ever recorded. Then on April 7, a two-week U.S.-Iran ceasefire hit the wires, oil crashed 16% from $112 to $95 in a single session, and Bitcoin jumped from $68,800 to above $72,000 while $427 million in shorts got liquidated. For the first time since early February, the single biggest source of fear in crypto markets is being directly addressed by a real-world event.

The ceasefire clearly matters. But the real question is if removing the oil and geopolitical overhang is enough to drag this index out of single digits for good, or if the damage from 60 days of extreme fear runs deeper than one headline can…