Bitcoin broke above $80,000 for the first time since January 31, driven by a $120 million single-day spot purchase and easing tensions in the Strait of Hormuz. On May 3, President Trump announced Project Freedom, a U.S.-led initiative to escort neutral vessels through restricted waterways, while signaling positive diplomatic discussions with Iran. This geopolitical relief ended a three-month risk-off period that had suppressed Bitcoin below the $80,000 level.
The rally caught short traders off guard, with liquidations reaching $163 million. Institutional inflows reinforced the move, with spot Bitcoin ETFs recording $629 million in net inflows on Friday, marking the fourth-largest single-day purchase of 2026 and extending five consecutive weeks of institutional buying.
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