Oil spikes on the waiver news, Bitcoin holds — and sats per barrel diverges

Oil spiked 8% on the waiver-snapback news while bitcoin barely moved — and the sats-per-barrel ratio did the thing it has done all saga: it diverged. For months oil and BTC traded as a single geopolitical pair, both tied to the Hormuz risk premium. This week they decoupled. Oil re-priced a strait that might close; bitcoin priced an infrastructure that already survived it closing. The blockade is over but the settlement rails, the sovereign footnotes, the hashrate build, and the cracked petrodollar are all still here. The crisis built a parallel system faster than the peace could dismantle it. Sats per barrel is no longer an oil metric. It is the running receipt of a transition that did not wait for permission.