This is the third leg of a commodity super-cycle: first oil (US-Iran war), now coal, with natural gas and uranium likely next. China's simultaneous coal shortage and green energy push means it will lean harder on LNG imports, tightening global energy markets and strengthening the dollar — a historical headwind for BTC.

Thermal Coal

China's thermal coal prices climbed to a three-year high due to sluggish domestic production growth, disruptions in top exporter Indonesia, and an energy rally driven by the US-Iran war.