Risk appetite is heating up in equities as geopolitical tensions ease. The tariff standoff that had markets on edge is cooling down—Trump dialed back the threat level on European trade barriers, and ruled out military escalation over territorial disputes. That's enough to spark a relief rally on Wall Street. When uncertainty lifts, capital flows tend to follow. For crypto and risk assets, this kind of macro pivot matters. Softer trade rhetoric usually means easier liquidity conditions ahead. Worth watching how this shapes up over the coming weeks.