Reports on Aug 5, 2026 that the U.S., Iran and Oman are close to a temporary 60‑day Hormuz agreement pushed stocks higher and oil lower while crypto reacted modestly: Bitcoin traded above $64,000, weekly active Bitcoin addresses rose 20% to over 720,000, spot Bitcoin ETFs recorded $170.09M in net inflows and Ethereum ETFs saw $11.42M of outflows. If implemented the deal could lower oil and support a short-term crypto rally toward $65,500–$66,500 and wider adoption, but the arrangement is temporary and renewed regional tensions could quickly reverse gains.

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A potential U.S.-Iran Hormuz agreement is back in focus after reports suggested Washington, Tehran, and Oman are close to a temporary deal to restore shipping through the Strait of Hormuz. The development pushed global stocks to new highs and lowered oil prices, but the crypto market has responded more slowly, with traders waiting to see whether the deal can turn into a stronger rally.

Bitcoin traded above $64,000, up less than 1% over the past 24 hours, while Ethereum posted modest gains. XRP, Dogecoin, and Chainlink remained slightly lower, whereas BNB and Hyperliquid (HYPE) outperformed, showing that money is starting to move into selected cryptocurrencies even though the broader market has not yet broken out.

BREAKING: The US and Iran are closing in on an interim agreement brokered by Oman to reopen the Strait of Hormuz, with the US aiming for an announcement on Wednesday, per Axios.
— The Kobeissi Letter (@KobeissiLetter) August 5, 2026

Why the Deal Matters

Under the reported proposal, ships entering the Gulf would travel through Iranian waters, while outbound vessels would use Omani waters. No transit fees would be charged during the 60-day period, and both countries would begin clearing naval mines before discussing a permanent arrangement.

The agreement could reduce tensions and stabilize oil markets. However, a similar proposal reportedly failed only weeks ago after attacks on commercial ships resumed.

What Happened Last Time?

Crypto has reacted positively to similar developments this year.

After a temporary U.S.-Iran ceasefire in April 2026, Bitcoin climbed about 4%, Ethereum gained around 6.5%, and several altcoins also moved higher as oil prices eased and traders shifted back into risk assets.

A similar reaction followed in May, when reports of a peace framework briefly pushed Bitcoin above $82,000 on hopes that shipping through Hormuz would normalize.

Current Sentiment

On-chain analyst Ali Charts says Bitcoin’s network activity is improving, with weekly active addresses rising 20% to more than 720,000.

Bitcoin $BTC network activity is picking up.

Weekly active addresses have jumped 20%, surpassing 720,000. https://t.co/ziyfF8cP6R pic.twitter.com/Sce4AXlCyk
— Ali Charts (@alicharts) August 4, 2026

According to the analyst, $64,300 is the key level. A four-hour close above $64,300 could open the door for a move toward $65,500 and even $66,500.

Institutional demand also remains steady. Spot Bitcoin ETFs attracted $170.09 million in net inflows at the start of the week, with seven funds recording gains and none reporting outflows. Ethereum ETFs, however, saw $11.42 million in net outflows.

Will Crypto Rally Again?

If the Hormuz agreement is officially announced and implemented, lower oil prices, steady ETF inflows, and improving network activity could support another short-term move higher for Bitcoin and altcoins.

At the same time, the arrangement is temporary. Any setback in negotiations or renewed tensions in the region could quickly change market sentiment, just as earlier headlines did this year.

Read the article at Coinpedia