Bitcoin trades near $77.2K, holding above its 50-day average, while ETH, XRP, and SOL lag below theirs.
Oil’s 5% drop on potential Strait of Hormuz reopening boosted Asian equities and supported crypto sentiment.
Caution persists as ETF outflows exceed $2 billion in two weeks.
XRP and Solana (SOL) rose 0.6% or more, while Ether (ETH) gained 0.4%. However, all three continued to trade below their respective 50-day moving averages, lagging Bitcoin on this metric.
Futures tied to West Texas Intermediate crude oil dropped more than 5% to around $91 per barrel, extending a steep slide from last Wednesday’s high above $104. Asian equities rallied, with India’s Nifty climbed over 1%, Japan’s Nikkei rose nearly 3% in early trade, and Australia’s S&P/ASX 200 added 0.4%.
These moves follow weekend reports that a deal to reopen the Strait of Hormuz, a critical chokepoint that accounted for over 20% of global oil flows before the Iran war began in late February, was in its final stages.
Last week, Iran’s IRGC claimed to have allowed passage of over 20 tankers through the strait, though that volume remains well below pre-war levels.
U.S. Secretary of State Marco Rubio said that Washington and Iranian negotiators have “a pretty solid thing on the table” and a deal to end the war between the two countries could be reached Monday. He said that the U.S. is ready top exhaust every diplomatic option but would pursue other means if a good deal could not be reached.
Analysts still maintained a cautious outlook on bitcoin, citing more than $2 billion in outflows from spot ETFs over the past two weeks.
“For crypto, the key signal is whether ETF outflows slow. Bitcoin can absorb some institutional selling if stablecoin liquidity remains firm and long-term holders stay patient. Sustained ETF redemptions would make every rally harder to hold,” Timothy Misir, head of research, BRN, said in an email.
India-based FIU-registered CoinSwitch exchange noted that finalization of a U.S.-Iran peace deal would be needed for further sustained gains.
“The sentiments improved after reports of progress in U.S.–Iran peace talks, including a possible reopening of the Strait of Hormuz, helping BTC rebound toward $77K. Still, the deal is not finalized, so traders are not fully risk-on yet. Exchange data also remains a watchpoint, with 18,528 BTC moving net into centralized exchanges, suggesting potential sell-side pressure,” the exchange said in an email.
The new offering, pending CFTC approval, aims to democratize seamless crypto risk management
What to know:
The SEC has conditionally approved Nasdaq PHLX to list cash-settled, European-style Bitcoin index options under the ticker QBTC, which still await CFTC approval.
QBTC options will be settled in U.S. dollars, track the CME CF Bitcoin Real Time Index, and trade on the same Nasdaq platform as major stocks, allowing…
