A total war with various admitted or unacknowledged stakes has never been good for risky assets. In this case, it could promote a resurgence of inflation, also limiting the appeal of safe-haven bonds as usual. Gold may be the big winner. As for cryptocurrencies, they are caught between two stools, and it is difficult to make a pronouncement before the first fallout from the operation in Gaza: military, political, humanitarian. Their characteristics of a bubble, very risky assets in the face of a protective mode of inflation, and their easy transportability may play in their favor durably. The broader extension of the conflict would be the pin that no one in the crypto sphere wants to consider. The most important aspect remains the human dramas triggered by the operation on October 7, which seem never-ending.