伊朗和阿联酋的紧张局势正在将比特币推向创纪录的债券市场危险区域

Iran's attack on ships in the Strait of Hormuz and a drone strike on the Fujairah Oil Industry Zone sent Brent crude to $114.44 and WTI to $106.42, while the 10-year Treasury yield climbed to roughly 4.44% and the 30-year broke above 5%. Bitcoin registered an intraday high of $80,717.66 on May 4, putting its macro identity to the test of being a hedge against monetary disorder or a liquidity-sensitive asset that struggles when yields rise, and cash becomes more attractive. When the 10-year approaches 4.5%, mortgage rates, equity valuations, and corporate borrowing all tighten with it. Freddie Mac put the 30-year fixed mortgage at 6.30% as of Apr. 30 , already up from 6.23% the week before. When war-driven yield moves pushed the 10-year to 4.39% in late March , that mortgage rate jumped to 6.38% and climbed to 6.46% as escalation fears intensified in early April. A poll of strategists had a median 12-month forecast for the 10-year yield of roughly 4.26%, and the market is already trading about 20 basis points above that level. About 20% of global oil and LNG supply moves through the Strait of Hormuz, which is why the market reaction spread immediately from crude into rates. Eurasia Group warned that without a deal to reopen the Strait of Hormuz, US gasoline could reach $5 a gallon, while AAA's national average stood at $4.457 on May 4 . Both numbers frame the inflation risk that feeds into rate expectations and complicates the Fed's position. A bar chart shows six macro indicators moving in tandem, with Brent crude at $114.44 and the 10-year yield above the strategist median. The Fed problem Barclays has moved its first expected Fed cut to March 2027, and CME FedWatch noted that traders see roughly a 78.7% probability of no rate change through the end of 2026. Oil holding above $100 keeps inflation sticky enough that the Fed cannot use rate cuts to cushion risk assets, removing one of the cleaner tailwinds Bitcoin has benefited from in recent cycles. Two forces are p