Hormuz chokepoint risks lift Brent while Bitcoin flows stay flat.

Bitcoin’s spot market shows thin conviction at current levels, with modest exchange outflows failing to offset persistent fear readings and contained long liquidations. Energy disruptions through Hormuz now dominate the transmission channel, pushing Brent higher and tightening dollar liquidity without any offsetting Bitcoin demand. The open question is whether sustained oil volatility forces other central banks into tighter policy before the Fed moves, or whether the dollar simply absorbs it as background noise.