The "Hormuz Divergence"
While headlines focus on the US blockade of Iranian ports and conflicting reports of ship seizures in the Strait, the crypto market is showing a curious "Hormuz Divergence." Unlike previous years where geopolitical shocks caused instant liquidations, $BTC is finding local support around the $65,700 mark. This suggests that the market is pricing in a "contained" conflict rather than a global shutdown. However, the energy spike remains a massive variable for mining difficulty and institutional risk-appetite.