Trump’s 48-hour ultimatum over the Strait of Hormuz quickly spilled into crypto, reinforcing Bitcoin’s [BTC] role as the first macro stress outlet. Within hours, BTC swung between $68,265 and $71,051 before settling near $69,195, down 2.2%.

In fact, this sharp range expansion signals rapid repricing rather than stable demand. At the same time, liquidations surged to over $300 million, an 80% increase, with over $123 million from BTC, indicating that forced unwinds dominated price action.

Meanwhile, Ethereum [ETH] fell 2.1%, confirming broad risk sensitivity. As volatility increased, the Fear and Greed Index dropped to 9, while shorts rose to 51.7%.

This setup implies that traders are shifting toward protection…