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The key market signal may be what cannot trade yet. With weekend oil markets closed, stalled talks over Hormuz, sanctions, blockade and reparations leave a meaningful geopolitical risk without a live crude price. For BTC, the first-order reaction may matter more than the inflation-hedge narrative. A crude jump could lift inflation expectations, the dollar and yields, creating an initial liquidity headwind even if the longer-term monetary case for Bitcoin strengthens. My read: watch the rates channel before assuming digital gold behavior. Not advice, just analysis. #HormuzRiskUnpriced