War usually pushes money out of risk assets and into safe havens 🚨

But this time, the reaction is very different
Since the US–Iran conflict escalated
▸ Gold erased over $6.13 trillion in market value
▸ Silver erased around $1.35 trillion
▸ US stocks wiped out nearly $3.2 trillion
Meanwhile:
▸ Bitcoin and the total crypto market added over $250 billion
This isn’t a normal risk-off move
Capital isn’t just hiding in gold anymore
It’s rotating into crypto.
For the first time, crypto is behaving like a parallel safe haven.