What’s actually happening at the straitIran has blocked the Strait of Hormuz since February 28, 2026, choking off a passage that handles a massive share of global oil transit. A memorandum of understanding signed in June 2026 temporarily eased tensions, but it didn’t solve the underlying problem. Bitcoin’s Hormuz tradeWhen positive signals emerged from the June memorandum of understanding, Bitcoin rallied above $65,000 as traders priced in reduced global risk. What investors should watchIf a deal materializes, expect Bitcoin to retest the $65,000 level it touched in June. Traders with significant exposure should consider reducing position sizes ahead of Wednesday or hedging with options if available.