The market views BTC and ETH as "risk assets." The end of the war means reduced geopolitical uncertainty, a rebound in risk appetite, and capital flowing from safe-haven assets into stocks, cryptocurrencies, and other high-risk sectors. This directly drives price rebounds. Before the speech, BTC broke through $68,000, and ETH surpassed $2,100. Institutional funds also show signs of returning; in March, the US Bitcoin ETF ended four consecutive months of net outflows and turned to a net inflow of $1.2 billion.

However, the market may have already priced in some of these positives. Data shows that investors are still selling into the rebound ("silent distribution"), and on-chain data indicates that the true "market bottom" may not yet be confirmed—currently, the price is still 21% above the network's average cost basis, meaning most people are still in profit. Historically, major bottoms often require falling below the cost basis.

If oil prices fall but remain high, persistent inflation could force the Federal Reserve to delay interest rate cuts, which would exert medium-term pressure on crypto prices.

Gold and silver play more complex roles and are no longer purely safe-haven assets. The current rise is mainly driven by "dollar decline" and "interest rate cut expectations."

Before the speech, gold approached $4,800 per ounce, rising for four consecutive days; silver also followed higher. This is because if oil prices fall and ease inflation, the market will bet on faster Fed rate cuts, benefiting interest-free assets like gold.