Why is Bitcoin always the first to be sold during every black swan event? Let's briefly discuss the logic of 'safe-haven assets'.

First, the conclusion: I believe that whenever there is a geopolitical conflict, the significant drop in Bitcoin is not a failure of its safe-haven property, but rather the strongest proof of its status as the ultimate safe-haven asset.

In the late night of June 12, 2025, to the early morning of June 13, Israeli airstrikes on Iranian nuclear facilities sent missiles tearing through the night sky, causing global markets to plunge into panic. Bitcoin immediately dropped by 5%, falling from $108K to a low of $102K.

Meanwhile, gold broke through $3,450 per ounce from a position of $3,388 per ounce, showing an increase compared to Bitcoin. On the surface, this seems to solidify gold's position as the 'king of safe-haven assets', while Bitcoin appears more like a 'risk asset' being sold off in panic.

However, this short-term appearance actually obscures a deeper truth and perfectly confirms Bitcoin's unique logic as the ultimate safe-haven asset:

To understand Bitcoin's 'safe-haven logic', one must first unravel a counterintuitive phenomenon: the more significant the risk event, the more likely Bitcoin is to be sold off first.

When a black swan strikes, investors instinctively react by 'grabbing cash'. Bitcoin, with its global nature, 24/7 uninterrupted trading, and high liquidity, becomes the preferred channel for the market to obtain emergency liquidity.

Gold may appear to rise, but during extreme moments it often faces issues of insufficient trading depth, widening spreads, and slow settlements, making its immediate liquidity far inferior to that of Bitcoin.

On June 13, Bitcoin faced a $3 billion sell-off, which the market absorbed amid significant selling pressure, stabilizing strongly at $102,400—this is not a weakness, but rather the best evidence of its market depth and resilience as a 'digital hard currency'.

Being sold off first is precisely because it is the high-quality asset that can be quickly liquidated.