Hormuz Bull Run: Crypto Hits Three Walls
Bitcoin is holding ground as the Strait of Hormuz burns, but the next major rally is running into obstacles that have nothing to do with geopolitics, according to STS Digital CEO Maxime Seiler.
Hormuz Bull Run: Crypto Hits Three Walls
Bitcoin is holding ground as the Strait of Hormuz burns, but the next major rally is running into obstacles that have nothing to do with geopolitics, according to STS Digital CEO Maxime Seiler. Speaking to CoinDesk, Seiler identified three forces weighing on the market simultaneously: institutional options desks selling into every upswing, the growing competition for speculative capital from artificial intelligence assets, and a US regulatory framework that remains unfinished despite months of legislative momentum.
The timing matters. Energy prices have surged as fighting between US and Iranian forces resumed across the Middle East, per The Guardian, and commodity volatility historically pulls institutional money away from digital assets and toward traditional hedges. That rotation is visible in the options market, where large players are systematically selling calls — capping upside and flattening momentum each time retail sentiment begins to build.
The regulatory lag is perhaps the sharpest edge. Washington has signalled crypto-friendly intent without delivering the framework that institutional desks require before deploying serious capital. Until the rules are written, the largest pools of money stay cautious.
Seiler's read is not a bear case. It is a map of the walls that need to come down before the next move higher becomes structurally supported rather than sentiment-driven. Three walls. Each one removable. None of them removed yet.
The question is which one breaks first — and whether the market waits patiently enough to find out.
