Bitcoin Tops $64,500 as BlackRock ETF Inflows and Hormuz Talks Lift Sentiment

Bitcoin climbed to $64,509.85 this morning, up $372.59 from yesterday's level, as easing geopolitical tensions and robust institutional buying lifted the market into a second consecutive week of gains. Bitcoin's market capitalization stands at roughly $1.33 trillion, putting it well ahead of Ethereum, which carries about $233 billion in market value.

Institutional buying remains the principal driver, with U.S. spot Bitcoin ETFs recording $211.49 million in daily net inflows, with BlackRock's IBIT alone accounting for more than $170 million of that total. That torrent of capital has kept Bitcoin outpacing most of the broader crypto market through the first week of August.

Clarity Act and Strait of Hormuz in Focus

Both Bitcoin and Ethereum prices have opened within a narrow range so far this week, and crypto investors are carefully watching developments in the Middle East and how fast the Clarity Act is moving through Congress. The dual catalysts have created an unusual backdrop where diplomatic headlines and legislative calendars are moving prices in near-real time.

President Trump's comments that a deal to reopen the Strait of Hormuz could happen as soon as Wednesday have boded well for crypto investors, and with the July jobs report due Friday, a reduced sense of risk across markets could lead to an even greater influx of investor interest in both Bitcoin and Ethereum. Oil prices fell and crypto sentiment improved despite Strategy's recent Bitcoin sales and ongoing concern over the Coldcard cold wallet hacks. Traders will be watching whether Bitcoin can hold between $64,000 and $67,000, with ETF flows, broader economic conditions, and legislative progress in Washington all key variables to monitor.