Cryptocurrency markets were relatively calm on Friday as the month’s largest Deribit option settlement eliminated around $9.87 billion in notional exposure, with traders eyeing fresh escalation at the Federal Reserve and the Strait of Hormuz next week.
$BTC was unchanged at $78,088, up 0.8% on the daily, 2.5% on the weekly, and 9% on the monthly. Ether was trading at $2,316, flat on the day and down 2.3% on the week. According to CoinGecko, the market capitalization of cryptocurrencies has reached $2.68 trillion, with a 24-hour trading volume of $93.8 billion. XRP remained at $1.44, BNB at $638, and Solana at $86.
Monthly results for April covered 109,000 cases $BTC According to Deribit data, there are 563,000 ETH contracts worth $1.32 billion with a notional amount of $8.55 billion. This expiration liquidated approximately 25% of Deribit’s total open interest. According to Coinglass, Cole’s positioning was focused on the $75,000 and $80,000 strikes toward settlement.
Bifurcation of ETF flows
The US Spot Bitcoin ETF recorded net inflows of $223 million on Thursday, extending its winning streak to eight consecutive sessions, according to SoSoValue. BlackRock’s IBIT continued to lock in flows.
The Spot Ether ETF recorded $75.9 million in outflows on Thursday, breaking its 10-day excess inflow.
Meanwhile, CoinShares’ weekly report recorded total digital asset fund inflows of $1.4 billion for the week ending April 17, the strongest weekly report since mid-January.
Escalation in Hormuz resets risk context
President Donald Trump announced in a post on Truth Social Thursday that he has ordered the U.S. Navy to “shoot and kill any boat, even a small boat, that is laying mines in the waters of the Strait of Hormuz” and triple the pace of mine-sweeping operations. Iran’s Revolutionary Guards laid new mines this week and seized two commercial ships on Wednesday, according to a subsequent statement from U.S. Central Command.
Iranian Foreign Ministry Spokesman Esmail Baghaei said Tehran’s measures in the strait were “completely legal,” according to IRNA. Tanker shipping through the waterway, which handles about 20% of the world’s oil flows in peacetime, has collapsed since the conflict began.
Ahead of the Fed meeting
The Federal Open Market Committee will meet on April 28-29, and CME FedWatch is almost certain to keep the federal funds rate unchanged. The U.S. Bureau of Economic Analysis will release first quarter GDP and March PCE on April 30th.
