Bitcoin (BTC) climbed above $138,400 in early Asia trading Sunday, setting a fresh all-time high after a $4.2 billion weekly inflow into spot exchange-traded funds and the geopolitical de-risking sparked by the Strait of Hormuz reopening late Saturday. The leading cryptocurrency is now up 19.4% in April and 84% year-to-date, eclipsing every major equity benchmark globally.
The breakout was led by BlackRock's iShares Bitcoin Trust (IBIT), which absorbed $1.92 billion of net subscriptions over the past five sessions — its strongest weekly haul since launch in January 2024. Fidelity's FBTC and ARK's ARKB followed with combined inflows of $1.43 billion, while Grayscale's GBTC saw redemptions slow to a trickle of $108 million.
Hormuz Catalyst Reverses Risk-Off Trade
Saturday's Iranian government statement confirming unimpeded transit through the Strait of Hormuz removed what JPMorgan strategist Nikolaos Panigirtzoglou called "the last meaningful tail risk hanging over digital assets." Bitcoin traded as low as $111,200 on April 14 when crude spiked above $115 per barrel, before recovering 24% over the past 11 sessions as oil retreated toward $76.
Ether (ETH) gained 6.8% to $5,840, its highest level since November 2021. Solana (SOL) advanced 9.2% to $312, while the broader CoinDesk 20 index added 5.4%. Total crypto market capitalization crossed $5.4 trillion for the first time, surpassing the May 2025 record of $5.1 trillion.
MicroStrategy Effect Amplifies Demand
Strategy Inc. (MSTR), formerly MicroStrategy, added 14,200 BTC