Barteau, Stewart: The Strait of Hormuz : On Dollar-System Recursion, the Captured Monetary Alternative, and the Capital Market as Revealed Test Case

The Observers Report V3. forthcomingOn May 28, 2026, United States spot Bitcoin exchange-traded funds recorded their largest single-day net outflows since late January, with BlackRock’s IBIT posting its second-largest daily outflow since inception, as Bitcoin fell below $73,000 on the day new United States–Iran strikes tested a fragile ceasefire. Capital rotated into traditional-finance equities. This paper reads that capital flow not as ordinary risk management but as the dated, quantified si