Bitcoin (BTC) Price: Trump Cancels Iran Trip and BTC Drops — Here’s What Happened

TLDR

• Bitcoin dropped below $78,000 after Trump canceled a U.S. envoy trip to Pakistan for Iran peace talks
• BTC traded around $77,200, with 24-hour volume down roughly 40% to $18 billion
• Spot Bitcoin ETFs recorded $2.12 billion in inflows over a nine-day streak through April 24
• BlackRock’s IBIT options open interest hit $27.61 billion, surpassing Deribit’s $26.90 billion
• Analyst Ted Pillows flagged $76,000–$77,000 as key support, with $80,000 as the next resistance level

Bitcoin fell below $78,000 on April 25 after President Donald Trump canceled a planned trip by U.S. envoys Steve Witkoff and Jared Kushner to Pakistan. The trip was meant to facilitate peace talks with Iranian officials. Trump said the 18-hour flight was not worth making and told Iran to call the U.S. if it wanted to negotiate.

Iran’s foreign minister, Abbas Araghchi, had already left Pakistan before the cancellation was announced. That added more doubt about when talks might resume. Trump confirmed the decision on Truth Social, citing confusion within Iran’s leadership.

BTC dropped from around $78,000 to near $77,200 following the news. Trading volume fell roughly 40% over 24 hours to about $18 billion. Despite the daily dip, Bitcoin remains up around 10% over the past month.

Crypto analyst Ted Pillows posted on X that BTC is holding above its support zone. He said as long as the $76,000–$77,000 level holds, Bitcoin could make another move toward $80,000. He warned that losing that support could lead to a larger price drop.

Trump told Axios the canceled talks do not mean the U.S. plans to resume war with Iran. The ceasefire, which was originally set to expire April 22, has been extended indefinitely. Trump said it will stay in place until Iran presents a unified proposal.

The U.S. also froze $344 million in USDT linked to Iran and maintains a blockade at the Strait of Hormuz. Trump said Iran loses about $500 million daily due to that measure.

Bitcoin ETF Inflows Hit Nine-Day Streak

Spot Bitcoin ETFs posted nine straight days of net inflows from April 14 to April 24, totaling $2.12 billion. The strongest single day was April 17, with $663.91 million in inflows. BlackRock’s IBIT led on the weakest day, Friday, with $22.88 million.

Cumulative net inflows for spot Bitcoin ETFs have now reached $58.23 billion. ETF analyst Nate Geraci noted on X that investors are continuing to buy even with BTC around 35% below its all-time high, calling them “longer-term allocators.”

IBIT Options Surpass Deribit

BlackRock’s IBIT options open interest on Nasdaq reached $27.61 billion on Friday, edging past Deribit’s $26.90 billion in Bitcoin options. IBIT launched just two years ago, while Deribit has been operating since 2016.

Positioning in IBIT call options points to expectations of BTC reaching around $109,709 near-term. Deribit positioning is slightly more conservative, targeting around $106,000.

BTC was trading at approximately $77,516 at the time of reporting, according to CoinMarketCap.

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