According to ChainCatcher news, QCP released today's briefing stating, 'Despite the escalating tensions in the Middle East, Bitcoin has not shown signs of widespread panic. After initial turbulence triggered by Iran-Israel related news last Friday, this benchmark cryptocurrency has recovered, bouncing back from a weekly low of $102,800 to $107,000.
Bitcoin's resilient price performance seems to be supported by ongoing institutional accumulation. Notably, Metaplanet and Strategy have been continually buying the dips, and the spot Bitcoin ETF has recorded inflows for the seventh consecutive week. The market appears to have regained its footing, especially after Bitcoin managed to maintain the critical psychological threshold of $100,000 despite experiencing initial shocks.
Broadly speaking, in the face of rising geopolitical risks, the market has exhibited remarkable calm. The implied volatility of Bitcoin has remained below 40, while the VIX index hovers around 20. Considering the current context, both levels are historically relatively subdued. There has been an inflow of funds into U.S. Treasuries and a range of Asian government bonds, highlighting that the market has not fully shifted to a risk-off mode.
However, cautionary sentiment is still lurking beneath the surface. Iran's potential blockade of the Strait of Hormuz could trigger a spike in oil prices, while further escalation or direct U.S. military intervention could severely disrupt global risk assets.
There are also views that these risks may constitute structural benefits for Bitcoin. As the trading price of this asset is only about 6% lower than its historical peak, recent price behavior has reinforced the narrative of Bitcoin adoption driven by macro turmoil, rising sovereign debt burdens, and geopolitical vulnerabilities.
