US hits Turkish bank over Iran oil cash routes

US sanctions on Golden Global Yatirim Bankasi now target the last major Turkish conduit routing Iranian oil revenue into cash and gold. Markets absorbed the move without immediate spillover into energy prices or broader flows, yet the 2-year yield's jump to 4.37 percent after Waller’s steady-rate signal reveals pricing that already assumes tighter policy ahead. Bitcoin sits at its realized-price average with no fresh leverage reset and hash rate still sliding, so the reversal from $82,300 tests whether any bid exists below $78,500 once sanctioned channels tighten further. The open question is whether miners and holders facing compressed economics will absorb more pressure or accelerate exits before the next difficulty adjustment.