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Bitcoin gave back its weekend advance as Iran dismissed expectations for a Strait of Hormuz reopening, triggering a 5% surge in oil prices and pulling $BTC lower alongside US equities.
The timing was awkward: separate analysis had just characterized institutional inflows into Bitcoin as "exceptionally strong," a contrast that captures the split personality of this market right now.
Oil's 5% move and the risk-off sequence The Strait of Hormuz is the primary transit corridor for a substantial share of global oil supply.
Markets had apparently been pricing in some probability that passage conditions would improve. Iran's stated position deflated those hopes in a single session, and the direct result was a 5% oil move.
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