Why rising oil prices are reshaping Bitcoin's macro outlook via inflation and Fed policy

The article argues that crude prices matter for Bitcoin mainly through their impact on the "cost of money", as oil-driven inflation expectations can shift the market's path for Federal Reserve rate cuts and quickly reprice liquidity. It explains how supply risks around the Strait of Hormuz, moves in Treasury yields and the US dollar, and leverage dynamics in crypto derivatives combine to tighten or ease financial conditions for BTC. Bitcoin's recent behavior amid Iran-related oil shocks is framed as a positioning story, where leverage resets, funding swings, and options skew have allowed spot prices to recover even in a heavy macro backdrop.