US strikes disrupt Hormuz oil flows while Bitcoin exchange balances edge higher.

Bitcoin trades near realized value amid modest exchange inflows that signal distribution pressure rather than fresh accumulation, capping upside even as fear remains elevated. Geopolitical strikes in the Middle East have lifted oil prices without yet altering broader risk sentiment or dollar liquidity conditions. The ignored tension lies in persistent high yields and contained volatility that mask how quickly any sustained energy supply shock could tighten policy expectations across non-US central banks. Does the current low-conviction reset reflect absorption that will eventually clear, or does it simply defer selling into the next macro surprise?