The Venezuelan bond market just hit a speed bump. Trump's decision to freeze the country's oil revenues is cooling investor appetite for Caracas debt rallies. This move signals tighter controls on state assets and capital flows—classic geopolitical pressure that typically flows through emerging market bonds first, then spills into risk-on crypto positions. When institutional capital gets squeezed in traditional markets, it often ripples through alternative assets. Worth watching how this shapes the broader emerging market sentiment.