Iran Declares Strait Of Hormuz Completely Open, Driving Bitcoin Past $78,000

Bitcoin surged after Iran declared the Strait of Hormuz “completely open for the remaining period of ceasefire,” a shift that traders linked to a broader risk-on move across markets.

CryptoSlate said the largest cryptocurrency rose 5% on the news to as high as $77,700, citing its own data, and described the rally as triggering “heavy short liquidations across the crypto market.”

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CoinGlass data in the same report put liquidations at about $243 million over the past 1 hour, and it added that “Bitcoin short traders lost more than $100 million during the reporting period.”

CryptoSlate also said total liquidations topped $720 million over a longer 24-hour time frame, calling it “one of the largest market wipeouts since mid-March.”

Thedefiant.io similarly described Bitcoin climbing back above $77,000 after Iran declared the strait fully reopened to commercial shipping, saying BTC was changing hands near $77,274 and up 3.7% over 24 hours and 5.8% on the week.

The Block reported that Bitcoin jumped to as high as $78,100 on Friday after President Donald Trump said the Strait of Hormuz was “completely open and ready for business,” and it said the move marked a roughly two-and-a-half-month high.

Decrypt tied the jump to Iran’s ceasefire-linked reopening, quoting Seyed Abbas Araghchi’s X post that “the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire.”

Multiple reports tied the Hormuz reopening to the ceasefire between Israel and Lebanon, with Iran framing the change as part of the remaining ceasefire period.

CryptoSlate said the advance came after Iran “declared the Strait of Hormuz completely open to commercial traffic for the remainder of the ceasefire,” and it quoted Foreign Minister Seyed Abbas Araghchi’s April 17 post on X: “In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire.”

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CryptoSlate added that Araghchi said vessels would have to follow a coordinated route set by Iran’s maritime authorities, and it described the strait as carrying “roughly 20% of the world’s oil and liquefied natural gas flows.”

Decrypt similarly said Araghchi made clear that ships must transit the strait alongside a “coordinated route” outlined by Iranian officials, and it reiterated that the 10-day ceasefire between Israel and Lebanon started on Thursday evening in the U.S.

Crypto Briefing said the passage was “declared completely open for the remaining period of ceasefire” and specified that it would be on the “coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.”

The Block reported that Trump’s comments echoed Araghchi’s earlier statement that commercial vessel passage had resumed under a ceasefire.

Even as the reopening was celebrated, several pieces emphasized that the U.S. would keep pressure in place: Decrypt quoted Trump affirming “THE STRAIT OF HORMUZ IS OPEN FOR BUSINESS,” while also saying Iranian ships would be subject to a blockade until the U.S. fully realized terms of its agreement with Iran.

The Hormuz reopening didn’t just lift spot prices; it also reshaped derivatives positioning and ETF flows, according to multiple crypto-focused outlets.

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CryptoSlate said the rally “triggered a sharp liquidation wave across leveraged crypto positions,” and it described options and prediction markets strengthening bullish positioning alongside the price jump.

It reported that on Coinbase-owned Deribit, the $80,000 call option emerged as one of the most popular trades, with a notional value of more than $1.5 billion, and it added that the next-largest cluster of bullish positioning sat at $90,000 with about $914 million in value tied to that strike.

CryptoSlate also said Polymarket data showed the odds of Bitcoin rising above $80,000 before the end of the year climbing past 88%.

Thedefiant.io put the derivatives liquidation figure at a different level, saying CoinGlass data showed roughly $805 million in futures liquidations over the past 24 hours, with short positions accounting for $643 million, and it added that nearly $390 million of Bitcoin derivatives positions were liquidated and $181 million of ETH positions were liquidated.

It also reported that Spot Bitcoin ETFs logged $26 million in net inflows on April 16, and that weekly net flows into Bitcoin ETFs totaled $332 million so far this week, following a $786 million haul the prior week.

The same outlet said Spot Ether ETFs extended their winning streak to a sixth consecutive session with $18 million in net inflows on April 16, lifting cumulative inflows for the category to $11.82 billion.

Even with the price rebound, outlets described a market that remained cautious and sensitive to resistance levels and demand.

The Block said that despite the rally, “sentiment remains cautious, with derivatives markets suggesting traders are not fully convinced the move will hold,” and it described the reopening as a “risk-on signal” while still warning that the move had yet to be fully supported by demand.

CoinDesk

It quoted 21Shares strategist Matt Mena calling the reopening a “risk-on signal,” and it said that if momentum can hold, the $80,000 to $85,000 range for bitcoin is “on the table for April.”

The Block also said analysts pointed to the $78,000 level as a rough near-term resistance zone, with sustained gains dependent on stronger spot demand and broader macro follow-through.

CoinDesk similarly framed the move as a breakout attempt, saying Bitcoin rises past $76,000 aiming at major breakout as oil plunges on Iran cooldown, and it described the $76,000 area as “stiff resistance.”

CoinDesk said technicians believed a sustained break to around $77,000 could set the stage for a return to significantly higher levels, and it noted that Bitcoin was trading around the $76,000-$78,000 level in the days before the Feb. 5 crash that sent its price tumbling to $60,000.

Bitcoin Magazine’s account added that sentiment had not healed in step with price, saying surveys and composite gauges still sit in “extreme fear,” and it described the $76,000–$78,000 band as a resistance zone that had capped every rally since early February.

Looking ahead, the sources tied the next market moves to whether the ceasefire holds and whether the U.S.-Iran track produces further steps, while also noting ongoing uncertainty from the blockade condition.

“Bitcoin rises past $76,000, aiming at major breakout as oil plunges on Iran cooldown Iran's foreign minister said the Strait of Hormuz will remain completely open for the remainder of the ceasefire”

CoinDesk

CryptoSlate said the reopening removed “one of the clearest near-term threats hanging over risk assets,” and it described lower oil prices as easing inflation pressure and reducing fears of “another surge in energy-driven volatility,” which it said could support speculative assets.

Crypto Briefing

It also said the shift in tone was evident in derivatives markets, where traders began positioning for a push toward higher price targets, including the $80,000 call option and Polymarket odds above 88%.

Decrypt quoted Matt Mena of 21Shares saying “By removing one of the most significant geopolitical chokepoints in the world, Iran has effectively uncorked a massive wave of liquidity and investor confidence,” and it framed the reopening as a “risk-on signal” the global markets had been waiting for.

At the same time, Decrypt emphasized that Trump said Iranian ships would be subject to a blockade until the U.S. fully realized terms of its agreement with Iran, keeping a conditional risk factor in place.

Thedefiant.io added that Trump said the strait is “ready for full passage,” but also that the U.S. naval blockade of Iranian ports “will remain in full force” until a formal peace deal is signed.

Crypto Briefing said the latest development came shortly after Trump announced a 10-day ceasefire in Lebanon following calls with Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun, and it said the truce began at midnight and is expected to be followed by direct Israeli–Lebanese talks in Washington next week.