UAE halts all trade with Iran after ballistic missile strikes.

The UAE's indefinite trade embargo on Iran over missile strikes adds direct friction to Gulf energy routes already strained by Hormuz tensions, pushing Brent above $91 while US 10-year yields hold near 4.71 percent and the dollar index stays around 99.6. Bitcoin lingers near $64,300 in tight range trading with exchange balances near 2.73 million BTC and ongoing net outflows, yet MVRV at 1.23 shows little headroom for gains and no capitulation in sentiment metrics.^[1][2] Market participants treat geopolitical risk as contained within energy channels that leave non-sovereign assets untouched, ignoring how sustained supply pressure here could lock in higher financing costs without any offsetting demand shift toward Bitcoin. If outflows accelerate past recent levels while yields stay elevated, what prevents further compression of available supply into a narrower trading band?