Key Takeaways
- BTC climbed above $78,000 for the first time since early February following Iran’s announcement on the Strait of Hormuz
- Iran’s top diplomat confirmed that commercial shipping lanes remain accessible during the ceasefire
- President Trump indicated the US-Iran agreement is nearing finalization with major provisions settled
- Crude oil prices declined approximately 10% to roughly $85 per barrel following the development
- Bitcoin spot ETFs in the United States attracted $664 million in fresh capital on April 17, continuing a multi-day positive trend
Bitcoin climbed beyond the $78,000 threshold on Friday, April 17, marking its strongest performance since the beginning of February. The rally materialized following a statement from Iran’s Foreign Minister Seyed Abbas Araghchi, who announced via X that the Strait of Hormuz remains “completely open” to commercial shipping throughout the ongoing ceasefire period.
President Donald Trump validated these developments through his Truth Social platform, declaring that negotiations to conclude the US-Israel-Iran conflict are “mostly complete.” He indicated that primary agreement terms have been settled, with outstanding matters anticipated to be finalized during the weekend.
BTC reached an intraday peak of $78,343, representing approximately 4.1% growth within 24 hours. Throughout the week, Bitcoin recovered around 5%, based on information from CoinMarketCap and TradingView analytics.
Alternative digital assets experienced similar upward momentum. Ethereum increased by 3.3% while XRP advanced 2.4%, reflecting broader risk appetite across international financial markets.
Brent crude futures decreased roughly 10% to approximately $85 per barrel. The S&P 500 index also registered gains, accumulating $7 trillion in market value during the preceding three weeks, as documented by The Kobeissi Letter.
Exchange-Traded Fund Activity and Corporate Accumulation
Wu Blockchain shared on X that American spot Bitcoin ETFs attracted $664 million in net capital on April 17, representing the fourth consecutive session of positive flows. Ethereum spot ETFs garnered $127 million, maintaining a seven-day accumulation pattern.
Bitcoin Archive disclosed on X that BlackRock’s iShares Bitcoin Trust has continuously acquired Bitcoin for eight consecutive trading sessions, purchasing $284 million on April 17 exclusively. BlackRock’s cumulative acquisitions have reached $1.34 billion throughout this eight-day period.
Strategy Inc. has accumulated $2.6 billion worth of Bitcoin during the previous two weeks. Strategy’s stock price surged up to 16% on Friday, representing its most substantial single-session appreciation since February 6.
Coinbase Global experienced gains reaching 8% while Galaxy Digital advanced over 10% during the identical trading day.
Corporate and Banking Sector Developments
Goldman Sachs submitted documentation for a Bitcoin ETF during the current week, representing its inaugural direct cryptocurrency investment initiative. Charles Schwab revealed intentions to introduce spot cryptocurrency trading capabilities in 2026 and proposed that investors might consider allocating as much as 8.8% of portfolio holdings to Bitcoin.
Morgan Stanley introduced its proprietary Bitcoin-tracking ETF the previous week, establishing itself as the pioneering major financial institution to take this step.
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 acquisition activity has provided market support throughout recent trading periods.
Ongoing Risks and Market Sentiment
The current ceasefire arrangement is scheduled to conclude on April 22. American authorities have stated that naval enforcement operations will persist until comprehensive agreement finalization. Iran has issued warnings about potentially restricting the Strait again should blockade measures continue.
Axios additionally disclosed that US representatives 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 outlook. Funding rates for perpetual futures contracts registered negative values on Friday. Put options positioned at $60,000 and $50,000 strike prices display elevated premiums, indicating active hedging strategies.
Polymarket participants estimated the probability of Bitcoin achieving $80,000 during the current month at 65% as of Friday, April 17.
