Hormuz tensions tighten yields as Bitcoin holds quiet range

Bitcoin sits in a narrow range with limited leverage and modest unrealized gains, yet energy supply risks through the Strait of Hormuz are already embedded in firmer yields and a stronger dollar that tighten conditions for all risk assets. The ignored tension lies in elevated exchange balances that could flood back into circulation if geopolitical friction escalates oil prices further without triggering any automatic rotation into Bitcoin. What happens to liquidity if sustained Hormuz disruption pushes the 10-year yield above 4.6 percent while Bitcoin remains range-bound?