Bitcoin has outperformed gold and the Nasdaq 100 since the start of the US-Iran conflict on February 28, gaining about 7% over the period, according to data shared by Arthur Hayes.
The comparison chart showed Bitcoin rising while gold fell roughly 2% and the Nasdaq 100 slipped about 0.5%, highlighting the cryptocurrency’s resilience during a period of geopolitical tension.
Bitcoin briefly dropped from around $66,000 to just above $63,000 after reports of military strikes involving the United States and Israel before rebounding toward $67,000 as markets absorbed the news.
Market participants including analysts at the London Crypto Club noted that Bitcoin can behave as both a risk asset and a hedge in extreme scenarios, reacting sharply to geopolitical developments before stabilising alongside broader markets.
At the time of reporting, Bitcoin was trading close to $70,000 with a 24-hour range between roughly $69,000 and $71,000 according to market data.
On-chain analysts said the Binance BTC Scarcity Index recently reached 5.10, its highest level since October 2025, suggesting that fewer coins are available for immediate sale on exchanges.