Bitcoin traders keep chasing Trump’s Iran noise. The real signals are elsewhere.

Bitcoin and other risk assets have been whipsawed by President Donald J. Trump’s shifting rhetoric on Iran. Here are some indicators that help cut through the noise. What to know : Bitcoin and other risk assets have been whipsawed by President Donald J. Trump’s shifting rhetoric on Iran, but underlying oil-market fundamentals are turning decisively negative. Emergency releases from strategic petroleum reserves that have been offsetting the loss of Strait of Hormuz flows are likely to be exhausted within weeks,. Key real-world gauges such as soaring ship insurance premiums for Hormuz transits and still-collapsed tanker traffic show the route remains unsafe, suggesting any market rallies driven by political statements are unlikely to last.