Bitcoin dropped to $71,000 following an order by President Donald Trump to impose a blockade in the Strait of Hormuz.

MARKET: More than 13 million Bitcoin addresses are currently holding BTC at a loss, according to Glassnode.

Some crypto industry watchers believe Adam Back, CEO of Blockstream and recently singled out by The New York Times as the most likely identity behind Satoshi Nakamoto, may have had a second motive for engaging with the paper's reporting: generating no-cost publicity for Bitcoin Standard Treasury Company (BSTR), his bitcoin treasury firm nearing a public debut. Investigative reporter John Carreyrou said Back agreed to be photographed by a NYT photographer in Miami weeks before the story was published, raising questions about why someone who is not Satoshi would participate in a feature that was set to identify him as Satoshi. "If you're IPO'ing a company — it's pretty damn good PR. Particularly when the cost is roughly zero," ETF analyst James Seyffart wrote. The speculation comes as BSTR moves toward completing a SPAC merger with Cantor Equity Partners I. The transaction includes a $1.5 billion PIPE, described as the largest ever announced for a bitcoin treasury vehicle. BSTR is expected to launch with more than 30,000 BTC on its balance sheet, placing it among the largest public bitcoin treasury holders. The merger had been expected to close in Q1 2026, pending SEC review and shareholder approval. Whether the headlines were planned or simply welcomed, the renewed Satoshi attention arrived at a commercially advantageous moment.

Data shows notable Bitcoin balance reductions among several miners: MARA sold more than 15,000 BTC, Riot disposed of about 3,700 BTC, and Cango sold roughly 2,000 BTC. Bitdeer's Bitcoin holdings have fallen to zero.

U.S. spot Bitcoin exchange-traded funds drew more than $240 million in net inflows on Friday, adding fresh institutional support as Bitcoin held above the $72,000 threshold. The inflows came alongside a price rebound, though analysts remain split on where BTC heads next. Data compiled by Farside Investors shows net spot Bitcoin ETF inflows of roughly $240 million on April 10. BlackRock's iShares Bitcoin Trust (IBIT) led the group with $137.6 million in single-day inflows. Fidelity's Wise Origin Bitcoin Fund (FBTC) followed with $78 million, while smaller allocations went to Bitwise, ARK and other issuers. The print was among the larger daily totals seen recently, signaling continued institutional buying despite lingering market skepticism. Bitcoin's ability to attract steady ETF demand has helped keep prices supported above $72,000. As of Saturday, April 11, BTC was trading around $72,700. Technical signals, though, look less decisive. Crypto analyst Ted Pillows said Bitcoin is approaching a key inflection point, noting on X that BTC is hovering near $73,000 and that reclaiming the $73,000–$74,000 area could set up "one final push." He added that he expects a reversal to fresh lows afterward. A TradingView chart shared by Pillows depicts a range-bound setup, with the $72,000–$74,000 zone now acting as a central battleground. The chart also highlights potential support levels below, particularly near $66,000 and $60,000. Failure to hold current levels could open the door to a deeper correction, while a sustained move higher would raise the odds of a push toward $76,000 and above in the short term. Derivatives positioning points to a more mixed backdrop. Analyst Michaël van de Poppe highlighted data showing large speculators heavily net long while commercial traders are net short. He said the setup resembles prior instances seen ahead of a major breakout in 2023, but cautioned it does not guarantee an immediate rally and increases the probability of volatility. Van de Poppe also noted that Bitcoin has spent roughly the past year and a half grinding through consolidation ranges, arguing that markets have repeatedly resisted meaningful downside. Based on the structure, he sees a higher likelihood of a move toward the $80,000–$85,000 area before any larger reversal. With strong ETF inflows colliding with speculative derivatives positioning, BTC is approaching a pivotal zone. Ongoing corporate accumulation by companies such as MicroStrategy and Metaplanet remains a supportive factor, but crowded speculative exposure could amplify price swings. For now, the $72,000–$74,000 band is the key level: a clean break higher could extend the rally, while rejection may point to a near-term pullback.

Institutional-style buyers appear to be accumulating Bitcoin even as many participants sell into rebounds. CryptoQuant data show Binance whale inflows fell below $3 billion on a 30-day basis for the first time since June 2025. On April 9 alone, long-term holders absorbed $49 billion worth of BTC. Short-term holders continue to realize losses at a pace of -$54 billion, suggesting recent buyers are distributing into each rally attempt while long-term holders take the other side. A similar large-scale setup during the April 2025 correction preceded Bitcoin's run from $76,000 to $126,000. Exchange reserves have now declined to a nine-year low, tightening the pool of coins available for sale. The strongest-hands cohort also logged its most aggressive accumulation month since 2013.

Bitcoin sold off as geopolitical risks intensified. After U.S. President Trump announced a maritime blockade of the Strait of Hormuz, BTC briefly fell to about $70,900, down 2.5% over the past 24 hours. Earlier, U.S. Vice President J.D. Vance said U.S.-Iran talks failed to reach an agreement on extending the ceasefire, prompting a shift toward caution. Bitcoin had traded above $73,000 for most of Saturday before slipping quickly to around $71,500, then extended losses following the blockade announcement. Analysts said rising tensions around the Strait of Hormuz, a key global energy transit corridor, have driven a sharp increase in risk aversion, weighing on risk assets including cryptocurrencies. (CoinDesk)

Bitcoin pared earlier gains after reports that U.S.-Iran negotiations in Pakistan concluded without a ceasefire agreement. BTC fell back to around $71,000 on the headlines. Vice President Vance said Iran refused to meet U.S. red lines, and former President Donald Trump said the U.S. Navy would shut down the Strait of Hormuz. Investors are heading into the new week with elevated geopolitical risk, and developments are moving quickly.