Bitcoin

The Russia-Ukraine conflict has historically triggered short-term risk-off moves in crypto, but also reinforced Bitcoin's narrative as a non-sovereign store of value during times of institutional distrust. However, current low volume and neutral on-chain signals suggest the market is already pricing in prolonged tension, making this event more of a sentiment test than a catalyst.

Russia demanded a ceasefire on 8 and 9 May, but Ukraine said it would pause fighting sooner, and Zelensky condemned Russian strikes ahead of the truce as 'utter cynicism'.