The impact of the Israel-Iran conflict on the cryptocurrency market presents a complex situation:

1. **Safe-Haven Demand**: Some funds may flow into Bitcoin (with "digital gold" attributes), temporarily pushing prices up, but sustainability is questionable.

2. **Risk Linkage**: If the conflict escalates and triggers a global sell-off of risk assets, the crypto market will be hit by tightened liquidity, with altcoins especially under pressure.

3. **Middle Eastern Capital Flows**: Middle Eastern investors may transfer assets through cryptocurrencies, increasing local market volatility.

4. **Energy Disruption**: Iranian Bitcoin mining accounts for 7% of global hash rate; if impacted, it could temporarily affect network hash power.

**Key Contradiction**: The coexistence of traditional safe-haven attributes and high-risk asset characteristics will significantly increase volatility (VIX analog indicator).