TLDR
- Bitcoin broke above $78,000 for the first time in 10 weeks after Iran declared the Strait of Hormuz open
- Iran’s Foreign Minister confirmed commercial vessel passage is open for the ceasefire period
- Trump said the US-Iran deal is “mostly complete” with key points already finalized
- Oil futures dropped 10% to around $85 per barrel on the news
- US spot Bitcoin ETFs recorded $664 million in net inflows on April 17, extending a four-day streak
Bitcoin surged past $78,000 on Friday, April 17, reaching its highest price since early February. The move came after Iran’s Foreign Minister Seyed Abbas Araghchi posted on X that the Strait of Hormuz is “completely open” for commercial vessels for the remainder of the current ceasefire.
In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.
— Seyed Abbas Araghchi (@araghchi) April 17, 2026
US President Donald Trump confirmed the news on Truth Social. He said a deal to end the US-Israel-Iran war is “mostly complete” and that key points have already been finalized, with remaining details expected to be resolved over the weekend.
Bitcoin hit an intraday high of $78,343, up about 4.1% on the day. Over the week, BTC recovered roughly 5%, according to CoinMarketCap and TradingView data.
Other crypto assets moved higher too. Ethereum gained 3.3% and XRP rose 2.4% as part of a broader risk-on move across global markets.
Brent crude oil futures fell about 10% to around $85 per barrel. The S&P 500 also climbed, adding $7 trillion over the past three weeks, according to The Kobeissi Letter.
ETF Inflows and Institutional Buying
Wu Blockchain reported on X that US spot Bitcoin ETFs saw $664 million in net inflows on April 17, marking four straight days of inflows. Spot Ethereum ETFs recorded $127 million, extending a seven-day inflow streak.
On April 17 (ET), U.S. spot Bitcoin ETFs recorded total net inflows of $664 million, extending the inflow streak to four days. Spot Ethereum ETFs posted total net inflows of $127 million, marking seven consecutive days of inflows. pic.twitter.com/bJlzcFT23L
— Wu Blockchain (@WuBlockchain) April 18, 2026
Bitcoin Archive reported on X that BlackRock’s iShares Bitcoin Trust has been buying Bitcoin for eight straight days, purchasing $284 million worth on April 17 alone. Total purchases from BlackRock now stand at $1.34 billion over eight days.
The world’s largest asset manager BlackRock has been buying Bitcoin for 8 straight days.$IBIT bought $284 million worth of Bitcoin yesterday.
Total purchases now stand at $1.34 billion in just 8 days.
Relentless accumulation. pic.twitter.com/LSSpdwQIWL
— Bitcoin Archive (@BitcoinArchive) April 18, 2026
Strategy Inc. has also acquired $2.6 billion in Bitcoin over the past two weeks. Shares of Strategy jumped as much as 16% on Friday, its biggest single-day gain since February 6.
Coinbase Global gained as much as 8% and Galaxy Digital rose more than 10% on the same day.
Institutional Moves
Goldman Sachs filed for a Bitcoin ETF this week, its first direct move into the crypto investment space. Charles Schwab announced plans to launch spot crypto trading in 2026 and suggested clients could allocate up to 8.8% of a portfolio to Bitcoin.
Morgan Stanley launched its own Bitcoin-tracking ETF last week, becoming the first major bank to do so.
Matt Mena, senior crypto research strategist at 21Shares, said the reopening of the Strait of Hormuz was “the risk-on signal the global markets have been waiting for.”
Bohan Jiang, senior derivatives trader at FalconX, said Strategy’s buying has helped underpin the market during recent weeks.
Uncertainty Remains
The ceasefire is set to expire on April 22. The US has said its naval blockade will stay in place until a deal is fully complete. Iran has threatened to close the Strait again if the blockade continues.
Axios also reported that US officials are discussing releasing up to $20 billion in frozen Iranian funds in exchange for Iran giving up its enriched uranium stockpile.
Derivatives data shows traders remain cautious. Funding rates for perpetual futures were negative on Friday. Put options at $60,000 and $50,000 are carrying heavy premiums, signaling hedging activity.
Polymarket traders put the odds of Bitcoin hitting $80,000 this month at 65% as of Friday, April 17.
