When the Strait of Hormuz tightens, the market's initial reaction is often not based on logic but on risk appetite. Trump has pushed the deadline to 48 hours; if the situation continues to escalate afterward, crude oil and safe-haven assets are likely to move first, and high-elasticity assets like $BTC and $ETH may also retreat early. In the short term, don't focus on the story—first see if funds are moving toward defensive positions.