Asian stocks rallied sharply, recording their strongest session in months, while U.S. equity futures pushed higher as hopes grew that the Iran conflict could soon de-escalate. The shift in sentiment followed remarks from Donald Trump, who suggested the war could wrap up within two to three weeks without requiring a formal deal with Tehran, and announced an upcoming national address to provide further details.

The MSCI Asia Pacific Index jumped 4%, its best performance since the conflict began, driven largely by a surge in technology shares. The positive momentum carried into U.S. markets, with S&P 500 futures rising and putting the index on track for its biggest single-day gain since May. In commodities, oil prices trimmed earlier losses amid reports that the UAE may step in to help reopen the Strait of Hormuz, potentially signaling greater regional involvement.

Crypto markets, however, showed limited reaction. Bitcoin traded around $67,950, up just 0.2% over the past 24 hours, remaining stuck within its recent range. Ether gained 1.6% to $2,100, while XRP, dogecoin, and BNB posted modest increases. Solana underperformed, slipping 0.7% and extending its weekly decline.

The divergence between crypto and equities remains notable. While stock markets have responded aggressively to geopolitical headlines, bitcoin has continued to consolidate between $65,000 and $73,000, suggesting a more cautious stance among investors.

Geopolitical developments continue to dominate market direction. Trump’s projected timeline for ending the war, along with his planned address, has raised expectations of a possible resolution. Meanwhile, Iran’s leadership has indicated openness to ending the conflict, provided there are assurances against future escalation.

Beyond geopolitics, structural developments in crypto are also in focus. Morgan Stanley has received approval for a bitcoin ETF with a fee of just 14 basis points—well below the industry average—granting access to a $6.2 trillion advisory network. This development could significantly broaden institutional exposure to bitcoin.

Market participants see several potential catalysts for bitcoin in the near term, including expanded institutional access, continued inflows into crypto investment products, and a potential easing of geopolitical tensions.

Gold has offered mixed signals. Although it has risen for four consecutive sessions toward $4,700, it recently posted its steepest monthly drop since 2008, marking an unusual trend during an active conflict.

Attention now turns to Trump’s upcoming address, which could play a key role in shaping market direction. Investors are likely to look for concrete signs of de-escalation, as the sustainability of the current rally may depend on more than just optimistic headlines.