The current state of financial markets is best described as macro-geopolitics first, crypto second.
The evidence is clear. Despite recent positive regulatory developments related to the Clarity Act, bitcoin has shown little excitement, trading near $77,200 – largely unchanged over the past 24 hours and for the week.
Meanwhile, oil remains elevated near $100 and speculative capital is pouring into copper amid fears of a sulfur shortage. The connection? Copper production is heavily dependent on sulfuric acid, whose supply has been disrupted through the Strait of Hormuz.
In essence, everything is revolving around Hormuz, driving commodity flows and prices higher, stoking inflation fears, lifting bond yields, which are…
