NEW YORK, April 23, 2026, 06:39 EDT
Bitcoin dipped below $78,000 Thursday, losing momentum after briefly pushing close to $80,000—the highest mark for the cryptocurrency since late January. The price hovered near $77,400 in recent trading, off about 0.9% for the day. Earlier, Bitcoin had hit a session peak of $79,426, but sentiment cooled as news broke that Iran had seized two vessels in the Strait of Hormuz.
Bitcoin’s slide stands out, coming as it hovered near a key psychological level while big players were returning. U.S. spot bitcoin ETFs, which track the token itself, hauled in $335.8 million on April 22, according to Farside Investors. That marks roughly $1.87 billion flowing in over the last seven sessions.
That surge in demand is running into a likely cluster of sellers. “The risk-reward has reset,” said Jim Ferraioli, director of crypto research and strategy at Schwab Center for Financial Research. He figures the typical spot-ETF buyer is in for about $83,000, while non-miner buyers across the wider market paid closer to $78,000 on average — both numbers that could tempt investors who want to get back to breakeven to start selling. Investopedia
Gerry O’Shea, who heads global market insights at Hashdex, pointed to the “extension of the ceasefire” as a key factor in the latest rally. The recurring narrative around institutional adoption is also “fortifying” the market, he added. Earlier this month, Reuters said Goldman Sachs put in paperwork for its first bitcoin ETF, following Morgan Stanley’s recent step into crypto. Charles Schwab, for its part, announced last week plans to roll out direct crypto trading in the coming weeks. Investopedia
Corporate purchases have also played a role. According to an April 20 SEC filing, Strategy acquired 34,164 bitcoin between April 13 and April 19, spending $2.54 billion and pushing its total stash up to 815,061 coins.
Prices jumped fast Wednesday as sentiment turned, with Bitcoin surging 4.24% to $78,956 and briefly reaching $79,481. Ether also gained 3.5%. The Nasdaq and S&P 500 notched fresh records after Trump pushed the ceasefire forward.
The dynamic shifted by early Thursday: Wall Street futures slipped roughly 0.5% ahead of the open, while Barron’s pointed out ether had dropped around 3%, with XRP off 2.5%, as bitcoin pulled back after Wednesday’s rally.
There’s a chance bitcoin’s latest surge has outpaced developments on the ground. Nomura’s Dominic Bunning told Reuters it’s “tough to have a really strong conviction” as traders bounce between optimism over a breakthrough and worries that the conflict may persist. Reuters
Oil remains a headache. PIMCO’s Tiffany Wilding pointed out that a return to shipping won’t mean instant relief—the global economy still faces a lag after an historic supply shock. Brent crude broke past $103 a barrel Thursday, with U.S.-Iran talks stuck in neutral.
Put side by side, the numbers point to bitcoin caught in the middle—on one side, institutions keep buying, but on the other, macro drivers like war updates, oil swings, and equities keep shaking things up. If bitcoin can punch through $80,000, that would suggest ETF flows and corporate appetite are soaking up sellers cashing out at break-even. But if oil surges again or risk appetite fades in the wider market, momentum could flip.
