The moves priced a single fear, that a wider war keeps oil elevated and forces the Federal Reserve to hold rates higher for longer. Minutes of the Fed’s June meeting show a few policymakers saw a case for raising rates before backing a hold. Gold fell because a higher-for-longer path lifts real yields and dulls the appeal of metal that pays nothing, and bonds fell for the same reason.

But bitcoin sat all of it out. Ether was little changed at about $1,800, up 2% on the week, and the rest of the majors barely moved on the day, with Solana the weakest at $76, down 5% over seven days. XRP held $1.09 and dogecoin sat near $0.07.

The one crypto-relevant thread runs through Korean stocks. SK Hynix shares plunged 12% in Seoul after the…