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.
Despite highlighting Bitcoin’s relative strength, Hayes said he is not currently buying the asset, warning that a prolonged conflict could trigger a broader market sell-off that might push prices toward $60,000.
At the time of reporting, Bitcoin price was $71,255.25.