Bitcoin rose above $82,800 this morning, pushing the asset within reach of $83,000, as signs of easing tensions between the US and Iran fueled risk appetite.
The rally came after President Donald Trump said the United States would temporarily halt the Strait of Hormuz escort mission, known as Operation Project Freedom, following reports of progress in negotiations with Iran.
Iran has suggested reopening the strait could be negotiated in stages, with early discussions focusing on maritime access ahead of other issues.
Iran’s Islamic Revolutionary Guards Corps (IRGC) claimed the US threat had been “neutralized” and said it would guarantee “safe and stable passage” through the Strait of Hormuz. The group added that vessels transporting weapons to the U.S. military could be denied passage under the latest guidelines.
We thank captains and shipowners in the Persian Gulf and Gulf of Oman for complying with Iran’s Strait of Hormuz regulations and contributing to regional maritime security. Attacker threats are neutralized and new protocols are introduced to ensure safe and stable passage through the SOH.
— IRGC Naval Command (@niroo_daryayi) May 6, 2026
After the military suspension was announced, Bitcoin rose from around $79,000 to over $82,500 over the weekend, with traders eyeing $83,000 as a major resistance level, with a break above that level leading to further gains toward $90,000 to $100,000, while market power was over 61% as capital was concentrated in the largest tokens.
Elsewhere, institutional investor appetite is also returning to crypto funds, with U.S. spot Bitcoin ETFs recording about $1 billion in net inflows so far this week, according to Pharcyde Investors. With $467 million in revenue on Wednesday alone, BlackRock’s IBIT and Fidelity’s FBTC emerged as key drivers of demand across the sector.
The Spot Ethereum ETF has raised approximately $159 million in net capital over the past two days.
The market capitalization of cryptocurrencies jumped 2% in the past 24 hours to $2.8 trillion. Zcash and Toncoin led the gains during this period.
Despite the upside, analysts warn that derivatives markets are showing restraint.
Implied volatility remains subdued at around 41%, QCP said, with near-term volume easing and skew remaining defensive, indicating continued demand for downside protection even as spot moves higher. This structure indicates a controlled risk-on move rather than speculative breakout positioning.
Macro risks remain unresolved. While inflationary pressures, rising energy prices and high sovereign yields continue to constrain the backdrop, Japan is seen as potentially at a liquidity inflection point due to a weaker yen, higher bond yields and intervention risks.
