Contents
Key Takeaways
- BTC climbed above $78,000, marking its strongest level in over two months following geopolitical developments
- Iran’s top diplomat announced unrestricted commercial shipping through the Strait of Hormuz during the ceasefire
- President Trump revealed that negotiations between the US and Iran are nearing completion with major terms agreed upon
- Crude oil prices tumbled approximately 10% to $85 per barrel following the announcement
- Bitcoin spot ETFs in the United States attracted $664 million in capital on April 17, continuing a multi-day positive flow trend
Bitcoin’s price jumped beyond $78,000 on Friday, April 17, marking its strongest performance since the first week of February. The rally was triggered when Iran’s Foreign Minister Seyed Abbas Araghchi announced via X that the Strait of Hormuz has been fully reopened to commercial shipping traffic throughout the ongoing ceasefire period.
President Donald Trump echoed these developments on Truth Social, stating that an agreement to conclude the US-Israel-Iran conflict is approaching finalization. He indicated that major components have been settled, with minor outstanding issues expected to be addressed during the weekend.
BTC touched an intraday peak of $78,343, representing approximately 4.1% gains within the trading session. Throughout the entire week, Bitcoin recovered nearly 5%, based on figures from CoinMarketCap and TradingView.
The broader cryptocurrency market participated in the upward momentum. Ethereum advanced 3.3% while XRP posted 2.4% gains as investors embraced higher-risk assets across international markets.
Brent crude futures plummeted roughly 10% to approximately $85 per barrel. Meanwhile, the S&P 500 index continued its ascent, accumulating $7 trillion in value over the preceding three weeks, according to The Kobeissi Letter.
Institutional Capital Flows Accelerate
Wu Blockchain shared on X that Bitcoin spot exchange-traded funds in the United States registered $664 million in net capital inflows on April 17, representing the fourth consecutive trading day of positive flows. Ethereum spot ETFs captured $127 million, extending their streak to seven days.
Bitcoin Archive disclosed on X that BlackRock’s iShares Bitcoin Trust has continuously accumulated Bitcoin for eight consecutive trading sessions, acquiring $284 million worth on April 17 exclusively. BlackRock’s total acquisitions have reached $1.34 billion across this eight-day period.
Strategy Inc. has accumulated $2.6 billion in Bitcoin throughout the previous 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 increased by as much as 8% while Galaxy Digital climbed over 10% during the same trading session.
Traditional Finance Embraces Digital Assets
Goldman Sachs submitted documentation for a Bitcoin ETF this week, representing the firm’s inaugural direct entry into cryptocurrency investment products. Charles Schwab revealed intentions to introduce spot cryptocurrency trading capabilities in 2026 and indicated that clients might consider allocating as much as 8.8% of their portfolios to Bitcoin.
Morgan Stanley unveiled its own 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 aggressive purchasing activity has provided crucial market support throughout recent weeks.
Cautionary Factors Persist
The current ceasefire arrangement is scheduled to conclude on April 22. United States officials have indicated their naval blockade will remain operational until a comprehensive agreement is fully executed. Iran has issued warnings that it may close the Strait again should the blockade persist.
Axios additionally reported that American officials are evaluating the release of up to $20 billion in frozen Iranian assets in return for Iran relinquishing 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 behavior.
Polymarket participants estimated the probability of Bitcoin reaching $80,000 within the current month at 65% as of Friday, April 17.
