Bitcoin nears $120K and Ether brushes $4K as US-EU tariff truce lifts risk assets

Risk sentiment brightened across global markets after U.S. President Donald Trump and European Commission President Ursula von der Leyen announced a framework that caps most trans-Atlantic tariffs at 15 %, averting a threatened escalation to 30 %. S&P 500 futures added 0.3 % and bitcoin broke out of a week-long $114 K–$119 K range to trade within touching distance of the psychological $120 K level. Glassnode data show that long-term holders distributed 23,000 BTC into strength over the past 48 hours, while exchange balances still fell, underscoring robust spot demand. Ether tracked the move, posting fresh YTD highs near $3,932 amid the largest single-day inflow—$726 million—into spot ETH ETFs. Altcoin leadership rotated to BNB (+6 %), SOL (+3 %) and ADA (+2 %). Derivatives traders added open interest to $140 K September bitcoin calls, and Polymarket odds for a $125 K print by month-end climbed to 24 %. Analysts at BTIG interpret the tariff accord as a de-risking catalyst that removes a key macro overhang just as July’s FOMC meeting approaches. However, they caution that looming U.S. inflation data and earnings season could inject volatility. For now, the bid for crypto-exposed equities is returning: Coinbase shares rose 4 % in pre-market trade, while MicroStrategy gained 3.8 %. On-chain settlement volume exceeded $28 billion in the past 24 hours, its highest reading since mid-June, reflecting renewed transactional activity accompanying the price breakout attempt.