Key Insights:

• Crypto ETFs registered a noteworthy surge in daily inflows on Friday.
• Bitcoin clips $78,000 after breaking above key consolidation zone resistance level.
• Rally delivers the second biggest short liquidation event of Bitcoin year-to-date.

Crypto ETFs just had one of the best weeks in months. At the center of this outcome was the easing geopolitical tensions particularly around the Strait of Hormuz and the crypto market appears to be responding to related developments.

For instance, crypto ETFs registered significant inflows on Friday after Iran announced that the Strait of Hormuz was open. Bitcoin ETF inflows alone amounted to $663.9 million on Friday. This was the highest daily inflows observed since…