Key Takeaways
- BTC climbed above $78,000 for the first time in over 10 weeks following Iran’s announcement to reopen the Strait of Hormuz
- Iran’s top diplomat confirmed that commercial shipping lanes are accessible throughout the ceasefire duration
- President Trump indicated the US-Iran agreement is nearing completion with major provisions already settled
- Crude oil prices plummeted approximately 10% to roughly $85 per barrel following the announcement
- Bitcoin spot ETFs in the United States attracted $664 million in net capital on April 17, continuing a multi-day positive trend
Bitcoin climbed beyond $78,000 on Friday, April 17, marking its strongest performance since the beginning of February. The rally followed a statement from Iran’s Foreign Minister Seyed Abbas Araghchi on X, declaring that the Strait of Hormuz remains “completely open” to commercial shipping for the duration of the ongoing ceasefire.
President Donald Trump corroborated this development via Truth Social, stating that negotiations to resolve the US-Israel-Iran conflict are “mostly complete.” He noted that primary elements have been finalized, with outstanding issues anticipated to be settled during the weekend.
The leading cryptocurrency reached an intraday peak of $78,343, representing approximately 4.1% growth within 24 hours. Throughout the week, BTC recovered around 5%, based on information from CoinMarketCap and TradingView.
Alternative digital assets followed suit. Ethereum appreciated 3.3% while XRP advanced 2.4%, contributing to a widespread risk-on sentiment throughout international markets.
Brent crude futures declined roughly 10% to approximately $85 per barrel. The S&P 500 simultaneously rallied, accumulating $7 trillion in market capitalization over the preceding three weeks, as noted by The Kobeissi Letter.
Exchange-Traded Fund Activity and Corporate Accumulation
Wu Blockchain shared via X that US spot Bitcoin ETFs registered $664 million in net capital inflows on April 17, representing the fourth consecutive day of positive flows. Spot Ethereum ETFs captured $127 million, marking seven consecutive sessions of inflows.
Bitcoin Archive posted on X that BlackRock’s iShares Bitcoin Trust continued its purchasing streak for eight consecutive trading sessions, acquiring $284 million in Bitcoin on April 17 alone. BlackRock’s cumulative acquisitions have reached $1.34 billion across this eight-day period.
Strategy Inc. accumulated $2.6 billion worth of Bitcoin during the past two weeks. Strategy’s stock price surged as much as 16% on Friday, representing its largest single-session gain since February 6.
Coinbase Global shares appreciated up to 8% while Galaxy Digital climbed more than 10% during the same trading session.
Corporate and Institutional Developments
Goldman Sachs submitted documentation for a Bitcoin ETF this week, marking the firm’s inaugural direct entry into cryptocurrency investment products. Charles Schwab revealed intentions to introduce spot cryptocurrency trading capabilities in 2026 and recommended clients could potentially allocate up to 8.8% of investment portfolios to Bitcoin.
Morgan Stanley introduced its proprietary Bitcoin-tracking ETF last week, establishing itself as the first major banking institution to launch such a product.
Matt Mena, senior crypto research strategist at 21Shares, characterized the Strait of Hormuz reopening as “the risk-on signal the global markets have been waiting for.”
Bohan Jiang, senior derivatives trader at FalconX, noted that Strategy’s consistent purchasing activity has provided market support throughout recent weeks.
Ongoing Concerns and Market Positioning
The current ceasefire agreement is scheduled to conclude on April 22. United States officials have indicated the naval blockade will persist until negotiations reach full completion. Iran has warned it may close the Strait once again if the blockade remains enforced.
Axios additionally reported that US representatives are considering releasing up to $20 billion in frozen Iranian assets in return for Iran surrendering its enriched uranium reserves.
Derivatives market indicators suggest traders maintain a cautious stance. Funding rates for perpetual futures contracts turned negative on Friday. Put options positioned at $60,000 and $50,000 strike prices are commanding elevated premiums, indicating significant hedging activity.
Polymarket participants assessed the probability of Bitcoin reaching $80,000 during April at 65% as of Friday, April 17.
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