Bitcoin rose 1% to $64,305.60 on Wednesday, extending a mild recovery as hopes grew for a deal to reopen the Strait of Hormuz. The token stayed pinned inside a tight trading range, with a recent high-profile hack and continued sales by top corporate holder Strategy limiting gains. Spot Bitcoin ETFs, meanwhile, logged improving inflows in August after logging some inflows in July.
Bitcoin rose 1% to $64,305.60 by 02:33 ET on Wednesday, extending a mild recovery as traders eyed growing hopes that a deal to reopen the Strait of Hormuz was close. The token stayed pinned inside a tight trading range, however, as markets weighed a recent high-profile hack and continued sales by top corporate Bitcoin holder Strategy.
US and Iran near a deal on the Strait of Hormuz
The U.S. is negotiating with Oman and Iran to announce a deal reopening the Strait of Hormuz as soon as Wednesday, Axios reported Tuesday evening. Separate Iranian media reports, however, showed Tehran warning that continued U.S. threats in the region could delay any agreement.
Several U.S. officials said this week that a deal was close, and President Donald Trump called an agreement over Hormuz "imminent" in a Tuesday interview. Iran has largely rejected claims that it is negotiating directly with Washington, saying instead that it is in contact with mediators in Oman.
Optimism over the waterway's reopening sparked deep losses in oil prices and fueled risk-on moves across markets. Crypto took fleeting support from the trend, however, as investors favored artificial intelligence stocks with clearer fundamentals over speculative plays.
Bitcoin ETFs post improving inflows in August
Spot Bitcoin ETFs saw improving inflows in August. The category logged some inflows in July, which were preceded by two months of heavy outflows. Inflows totaled $381.6 million so far in August. That followed $172.4 million in July.
Sentiment toward crypto improved marginally amid the broader uptick in risk appetite. But the sector is still nursing deep losses so far in 2026, with Bitcoin remaining about 50% off its October record high.
Altcoins mixed as Bitcoin stalls
Broader crypto prices moved in a flat-to-low range, taking little support from the stalled Bitcoin. Ether rose 0.6% to $1,868.57. XRP fell 0.5%.
Solana rose 0.8%. Cardano fell 2.2%. BNB added 1.8%.
Memecoins Dogecoin and $TRUMP moved in opposite directions, falling 0.5% and rising 0.4%, respectively.
Source: Cryptocurrency News
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