Hormuz impasse lifts oil and yields while Bitcoin holds near 59,000 dollars.

Bitcoin trades at 59,000 dollars in thin liquidity with holders near breakeven and extreme fear already embedded in pricing. Exchange outflows continue without corresponding demand to absorb the supply, leaving a fragile balance that requires only modest selling to tip. Higher oil prices from Hormuz disruptions and a firmer dollar with rising yields add real-rate pressure on risk assets that the network's stable hashrate and low fees do nothing to offset. The ignored contradiction sits in the assumption that geopolitical energy shocks will reliably drive capital into permissionless assets when history shows they first tighten financial conditions through inflation and policy responses. What happens to spot demand if oil stays elevated and the Fed holds or hikes rather than eases?