Bitcoin Hits 11-Week High as Trump Extends Iran Ceasefire Indefinitely

The cryptocurrency broke above the $78,000 level – a key psychological threshold it last approached in early March before tensions escalated – peaking at around $78,400 before pulling back to around $78,100 as of 11:00UTC on 22 Apr. The move capped a nearly 14% month-to-date gain following weeks of consolidation between $70,000 and $75,000.

Ceasefire extension eases market nerves

The US-Iran conflict erupted on 28 Feb and saw brief pauses in April for negotiations that have so far failed to deliver a comprehensive deal. Trump's announcement of an open-ended extension provided fresh breathing room for diplomacy while maintaining pressure points such as the naval blockade of Iranian ports.

The development lifted broader risk appetite. US equity futures posted modest gains, with S&P 500 contracts rising 0.6% and Nasdaq 100 futures advancing 0.7% on the day, as of 11:00UTC. Brent crude oil futures, sensitive to Middle East supply disruptions, were virtually flat on the day at around $99.30 per barrel – still well below the $115 peak hit in early March.

Ethereum (ETH) traded up about 2.8% on the day at around $2,390 at 11:00UTC, while the total crypto market capitalization reflected the cautious optimism across digital assets, up 1.6% in the past 24 hours to $2.62tn. The Fear and Greed index stands at 61, 4 points higher than yesterday, and 36 pts higher than 22 Mar.

Bitcoin ETFs see continued institutional inflows

US spot Bitcoin exchange-traded funds recorded steady buying amid the relief rally. On 21 Apr, Coinglass data shows that the ETFs posted a daily net inflow of $12mn, equivalent to roughly 156 BTC. BlackRock's iShares Bitcoin Trust (IBIT) led with inflows of 519 BTC, while overall spot Bitcoin ETFs have accumulated a net $58bn, or about 738,000 BTC, year-to-date as of 21 Apr.

This institutional demand provided structural support for Bitcoin's breakout. Earlier in the month, flows showed notable spikes tied to ceasefire developments: spot Bitcoin ETFs attracted $471mn on 6 Apr – the largest single-day intake since late February – as investors positioned ahead of diplomatic deadlines. On 17 Apr, inflows reached $664mn amid reports of de-escalation signals, coinciding with Bitcoin reclaiming the $76,000 level. In contrast, the more modest $12mn on 21 Apr followed the indefinite extension announcement, suggesting sustained but tempered buying as markets assessed the ceasefire's longevity. Grayscale's GBTC continued to see modest outflows.

DeFi protocols reel from major security breaches

While macro relief and ETF flows lifted Bitcoin, decentralized finance (DeFi) tokens faced renewed pressure after two large-scale exploits attributed to North Korean state-sponsored hackers from the Lazarus Group.

Kelp DAO, a liquid restaking protocol built on Ethereum that allows users to earn yield on staked ether through its rsETH token, suffered one of the largest crypto exploits of 2026 so far. Attackers drained roughly $292mn – approximately 116,500 rsETH – via a LayerZero-powered bridge spanning more than 20 chains. The breach prompted emergency contract freezes across connected protocols including Aave.

LayerZero's native token (ZRO) fell 31% from a high of $2.05 on 17 Apr to as low as $1.41 on 19 Apr before recovering to around $1.63 at 11:00UTC on 22 Apr. Aave (AAVE), the decentralized lending protocol whose governance token enables voting on risk parameters and upgrades, dropped 27% from $119 to near $87 between 17 and 20 Apr, before settling at $93.30 at 11:00UTC on 22 Apr.

The incident followed a similarly sized attack on the Drift Protocol, a perpetuals decentralized exchange on Solana that offers leveraged trading on crypto and other assets. That exploit on 1 Apr also targeted legitimate Solana features known as durable nonces.

Investor disputes add to sector caution

Separately, World Liberty Financial – a DeFi project with ties to the Trump family – faced legal turmoil. Justin Sun, founder of the Tron (TRX) blockchain and one of the project's largest investors, filed a lawsuit alleging the platform implemented a backdoor blacklisting function to freeze his tokens and governance rights.