Bitcoin held near $76,754 at midday New York time on Tuesday, down only modestly from Monday’s open and well off the weekend low of around $74,500, as the cryptocurrency market largely shrugged off the early-morning US strikes against Iranian IRGC assets in the Strait of Hormuz. The token opened at $77,267, briefly dipped on the Asian close, and recovered through the New York morning.
The contained response stands in contrast with February’s episode, when an earlier Hormuz flare-up triggered a roughly 8-percent intraday Bitcoin drawdown. Traders at three large US exchanges said open-interest had reset down since then, and that funding rates on perpetual futures were close to neutral, reducing the kind of forced liquidations that amplified earlier moves.
Ether outperformed, climbing 2.4 percent to roughly $4,310 after a week of record staking volumes across the major US-listed staking platforms. Solana, the third-largest token by network value, climbed 3.1 percent on no specific news. The total crypto market capitalisation closed the day above $3.4 trillion, the first time it has closed above that level since the late-April Iran ceasefire was struck.
The longer-run trade has remained roughly directional with US equities since mid-2025, with Bitcoin’s 30-day rolling correlation to the Nasdaq sitting at about 0.62 — the highest such reading since late 2023. Several macro hedge funds said in client notes that they had begun to treat Bitcoin and the Nasdaq 100 as substitutes for sizing risk-on exposure to the Iran-deal outcome.
On the regulated-product side, US-listed spot Bitcoin ETFs took in roughly $370 million across Monday and Tuesday, ending a brief outflow stretch from the prior week. BlackRock’s IBIT product accounted for slightly more than half the net inflow, with Fidelity’s FBTC second.
Strategists are split about Bitcoin’s near-term path. JPMorgan’s crypto desk wrote that the token was “fully repriced for the Iran-positive outcome” and could face a sharp drawdown on a Doha breakdown. Galaxy Digital and Bitwise both argued that institutional positioning remained too light to call the move “stretched.”