Thahbib Rahman
Research Analyst
Risk-on sentiment returned briefly as Iran reportedly signalled an openness to deescalate tensions, though that sentiment shifted once more in US equities as President Trump called for evacuations in Tehran. BTC dropped from near $109K to $106.7K, and ETH fell to $2.5K (-1.7%). ETH short-tenor implied volatility is currently nearly twice as high as similar-dated BTC options, while the ETH/ BTC 7-day realised volatility ratio is greater than 2. The Senate is set to vote today on the GENIUS Act and Trump Media has applied for a BTC-ETH ETF (75/25) while CoinShares has filed for a SOL ETF.