Bitcoin surged past $75,000 on Tuesday, its highest price since early February, as reports emerged that Iran had signaled renewed willingness to engage in ceasefire negotiations with the United States. The move triggered a broad risk-on rally that pushed total cryptocurrency market capitalization to $2.6 trillion — a 4% single-day gain.
Ethereum led the majors with an 8.8% surge, climbing to $2,400 and setting a two-month high. Traders cited a combination of the macro catalyst and strong fundamental developments, including record weekly net inflows into spot Ether ETFs of approximately $187 million for the period ending April 10.
Q1 Losses Begin to Reverse
The rally comes after a punishing Q1 that saw Bitcoin fall roughly 18%, Ethereum decline more than 30%, and altcoins suffer even deeper losses. The Iran conflict, which erupted in late February, proved a far more powerful headwind than bulls anticipated. Rather than acting as a safe haven, Bitcoin moved in lockstep with equities.
Solana posted a 6.3% gain on Tuesday, XRP rose 4.2% to reach $1.35 — a level analysts say is critical resistance ahead of a potential breakout if the Senate CLARITY Act passes its markup vote scheduled for April 16.
Long-Term Holders Added During Drawdown
Bitcoin ETFs have not yet seen the massive inflow reversal that bulls are hoping for, with spot BTC funds seeing modest net outflows on Monday. Analysts at Bernstein Research expect flows to turn decisively positive once geopolitical uncertainty subsides, maintaining a year-end Bitcoin target of $200,000.
On-chain data from Glassnode shows that long-term holders — wallets that have not moved coins in more than 155 days — added to positions during the Q1 drawdown, accumulating at an average cost basis near $65,000. This behavior historically precedes sustained rallies.