Key Highlights
- BTC climbed above $78,000, marking its strongest level in over ten weeks following Iran’s announcement on the Strait of Hormuz
- Iran’s top diplomat announced that commercial shipping lanes remain accessible throughout the ceasefire duration
- President Trump indicated the US-Iran agreement is nearing completion with major provisions settled
- Crude oil prices tumbled approximately 10%, settling near $85 per barrel following the development
- Bitcoin ETFs in the United States attracted $664 million in net capital on April 17, continuing a multi-day positive trend
Bitcoin’s value 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, who announced via X that the Strait of Hormuz remains “completely open” to commercial shipping for the duration of the ongoing ceasefire.
President Donald Trump validated this development through Truth Social, stating that negotiations to conclude the US-Israel-Iran conflict are “mostly complete.” He indicated that primary terms have been agreed upon, with outstanding matters anticipated to be settled within days.
BTC reached an intraday peak of $78,343, representing approximately 4.1% growth for the session. Throughout the week, Bitcoin recovered roughly 5%, based on information from CoinMarketCap and TradingView.
The broader cryptocurrency market participated in the upward movement. Ethereum posted gains of 3.3% while XRP advanced 2.4%, reflecting widespread risk appetite across international financial markets.
Brent crude oil contracts declined roughly 10% to approximately $85 per barrel. The S&P 500 index also advanced, adding $7 trillion in market capitalization over three weeks, per data from The Kobeissi Letter.
Exchange-Traded Fund Activity and Corporate Accumulation
Wu Blockchain disclosed on X that United States-based spot Bitcoin ETFs attracted $664 million in net capital on April 17, representing the fourth consecutive session of positive flows. Spot Ethereum ETFs brought in $127 million, extending their inflow sequence to seven days.
Bitcoin Archive shared on X that BlackRock’s iShares Bitcoin Trust has continuously accumulated BTC for eight consecutive trading sessions, acquiring $284 million on April 17 alone. BlackRock’s aggregate purchases have reached $1.34 billion across this eight-day period.
Strategy Inc. has accumulated $2.6 billion worth of Bitcoin during the last two weeks. Strategy’s stock price surged up to 16% on Friday, representing its largest single-session increase since February 6.
Coinbase Global’s shares climbed as much as 8% while Galaxy Digital advanced more than 10% during the same trading session.
Financial Institution Developments
Goldman Sachs submitted paperwork for a Bitcoin ETF during the week, marking its initial direct entry into cryptocurrency investment products. Charles Schwab revealed intentions to introduce spot cryptocurrency trading capabilities in 2026 and recommended clients might allocate up to 8.8% of investment portfolios to Bitcoin.
Morgan Stanley introduced its own Bitcoin-tracking ETF the previous week, establishing itself as the first major banking institution to offer 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 purchasing activity has provided market support throughout recent trading periods.
Ongoing Geopolitical Considerations
The current ceasefire agreement is scheduled to conclude on April 22. United States officials have indicated their naval blockade will persist until negotiations are fully finalized. Iran has indicated it may close the Strait again should the blockade remain in effect.
Axios reported that American officials are considering releasing up to $20 billion in frozen Iranian assets in return for Iran relinquishing its enriched uranium reserves.
Derivatives market information suggests traders maintain a cautious stance. Funding rates for perpetual futures contracts registered negative on Friday. Put options positioned at $60,000 and $50,000 strike prices are commanding elevated premiums, indicating active hedging strategies.
Polymarket participants estimate a 65% probability of Bitcoin reaching $80,000 during April, according to data from Friday, April 17.
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