The morning read.

The Strait of Hormuz is repricing as a sustained crisis. Three connected markets tracking shipping traffic through the strait dropped sharply on combined volume of $710K — the 60-ship threshold fell 15 points to 20%, July 15 normalization dropped 13 points to 14%, and July 31 normalization fell 10 points to 34%. Insurance Journal reports a ship strike in Hormuz with oil supertankers turning back, while Times of Israel notes traffic rebound returning oil to prewar rates as the US reassures Gulf allies. The market is pricing a multi-week disruption despite news of traffic recovery — $710K says the normalization story isn't real yet.

Crypto is surging in lockstep. Bitcoin and Ethereum both jumped 48 points overnight — Bitcoin above $50K on July 4 hit 98%, Ethereum above $1,200 hit 98%. But the institutional buying thesis collapsed: Microstrategy announcing a June purchase dropped 30 points to 8% on $91K volume, with Decrypt reporting Strategy (the renamed entity) padding cash reserves to $1.4B instead. The price surge is real, the corporate accumulation narrative is dead. Crypto appears in 17 verticals across our system today, with 58 sources — this is cross-domain corroboration of a genuine repricing event, not a single-market artifact.

The Middle East diplomatic picture is fragmenting. But the news environment shows no breakthrough: The market is pricing a recognition event that has no visible catalyst in our feeds. Meanwhile, US-Iran diplomacy is repricing downward, with Times of Israel reporting a "war of words" over nuclear inspections and contradictions between Trump, Vance, and Tehran on sovereignty at Hormuz.