Hormuz Deal Hopes Keep Bitcoin Prices Muted

Bitcoin remained relatively flat at $64,216.1 on Thursday, as investors continued to monitor geopolitical developments and wait for a potential deal to reopen the Strait of Hormuz.

The prospect of improving oil flows from the region has pulled down oil prices, which in turn has drummed up optimism that inflation will be kept under control.

Despite this, Bitcoin's price has largely remained stuck in a tight trading range around $60,000 since the onset of the US-Israel war on Iran in late-February.

Capital inflows into spot Bitcoin exchange-traded funds (ETFs) gained momentum in early-August, with $626.0 million in inflows, but it remains to be seen whether this trend will persist.