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.
BREAKING: President Trump just told me over the phone he has unilaterally cancelled Witkoff and Kushner’s trip to Pakistan to meet with the Iranians.
"I've told my people a little while ago they were getting ready to leave, and I said, 'Nope, you're not making an 18 hour…
— Aishah Hasnie (@aishahhasnie) April 25, 2026
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.
$BTC is holding above its support zone.
As long as $76,000-$77,000 support level holds, Bitcoin could have another move towards the $80,000 level.
Losing the $76,000 support zone could result in a bigger dump. pic.twitter.com/oiQKN7dzKx
— Ted (@TedPillows) April 25, 2026
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.
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.”
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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