Hormuz blockade drives stagflation as Bitcoin distribution persists

The Iranian closure of the Strait of Hormuz has imposed a lasting stagflationary tax on the global economy that overrides every other signal, driving Brent to $115, gold near $4670, and central banks to hold policy while risk aversion dominates. Bitcoin has failed to decouple positively, trading around $68,500 in extreme fear as large holders distribute aggressively with net inflows revealing tactical selling rather than accumulation. Miners confront their first quarterly hashrate decline in six years, compounding fragility with pool concentration and an imminent difficulty reduction. The contradiction investors ignore lies in how geopolitical fragmentation and inflation volatility push capital toward gold and cash instead of Bitcoin's permissionless properties, sustaining thin liquidity where fear has not cleared the deck for recovery. Network resilience persists through modest Lightning growth but the mining stress warns of limits if prices grind lower. How deeply must this energy shock cut global growth before Bitcoin either attracts sidelined capital or confirms its correlation to risk assets in crisis?