Hormuz Deal Anticipation Weighs on Bitcoin Price Action

Bitcoin price action was muted on Thursday, hovering around $64,457.4 as investors remained cautious due to an overall dent in risk sentiment from a surge in oil prices.

The broader crypto market followed suit, with most altcoins experiencing losses as well.

A significant point of focus this week has been the anticipated deal to reopen the Strait of Hormuz, with Iran signaling it was close to reaching an agreement with Oman.

According to reports, the initial text of the Hormuz plan prohibits U.S., Israeli, and other hostile vessels from passing through the strait until compensation is paid.

Meanwhile, spot Bitcoin ETF inflows improved in August, with $626.0 million invested so far, a significant increase from July's $172.4 million.