#美国伊朗如何影响市场 in the context of concurrent geopolitical tensions, gold prices have surpassed $5,000/ounce, reaching a historic high, fully reflecting the function of traditional safe-haven assets.

Lack of safe-haven attributes in BTC: In stark contrast to gold, BTC behaves as a risk asset that is sold off during rising geopolitical risks, which can be explained by the following factors:

1. Institutional holding structure: Currently, a high proportion of BTC holders are technology stock investors, who tend to reduce their positions in sync during macroeconomic risk increases.

2. Liquidity demand: Compared to the central bank reserve attributes of gold, BTC is more focused on trading and speculative functions.

3. Regulatory uncertainty: Geopolitical conflicts are often accompanied by expectations of tighter regulation, suppressing the performance of risk assets.

Despite short-term price pressure, the fundamental valuation indicators for BTC remain robust.

The geopolitical tensions have temporarily reinforced BTC and ETH's market positioning as "high beta risk assets."

In contrast to gold's safe-haven performance, cryptocurrencies endure more selling pressure rather than safe-haven buying during the initial stages of conflict. This performance aligns with the current institutional holding structure and liquidity characteristics of the crypto market.

Investment advice: At the current price level, the risk-reward ratios for $BTC and $ETH are relatively reasonable. In the short term, attention should be paid to developments in geopolitical issues and signals from U.S. regulatory policies, while in the medium to long term, one can still focus on structural opportunities brought about by institutional accumulation and infrastructure development.