There's an interesting thing I've been following since that chaotic weekend when the conflict between the US and Iran began. Bitcoin was literally the only major asset being traded when everything exploded on a Saturday. It dropped 8.5% that day, it seemed like it was going to crash.

But here’s the curious part: two weeks later, Bitcoin is outperforming almost everything. Gold, the S&P 500, Asian stocks, everything is left behind. And it’s not because Bitcoin is a "traditional" safe haven — that’s what catches my attention the most. It’s acting as a 24/7 liquidity pool that absorbs geopolitical shocks much faster than any other market.

Looking at the numbers, each sale finds buyers at a higher level than the previous one. On February 28th, it hit $64,000. After the Iranian missile strikes on March 2nd, the floor rose to $66,000. A week later, $68,000. And it kept climbing — $69,400, then $70,596. The line of higher lows is compressing the bottom range, while the ceiling at $73,000–$74,000 continues to reject Bitcoin. This needs to be resolved at some point.

What sets Bitcoin apart in this scenario is speed. Yes, it’s sold off with each negative headline, but it recovers faster each time and keeps each recovery at a higher level. Compare this to the start of the year when a cascade of liquidations wiped out $2.5 billion in leveraged positions in a single weekend. It looked like it would break market confidence for months. But no — it only wiped out the weaker hands and left a leaner market that has been absorbing all the war headlines since then.

Oil has risen over 40% since the war began. Gold has been volatile. Asian stocks had their worst week since March 2020. And Bitcoin? It’s there, steady, doing its job as a shock absorber.

On the macro side, Trump joked that he spared the oil infrastructure in Kharg "for decency’s sake" but would reconsider if Iran continued blocking the Strait of Hormuz. Iran responded that any attack on energy facilities would trigger retaliations against US installations. If this escalates, the supply disruption that the IEA has already called the largest in history becomes much worse.

But the most revealing thing is this: Bitcoin has stopped being just a safe haven or purely a risk asset. It has become a liquidity pool that absorbs shocks faster than anything because it’s the only thing being traded when shocks hit. This changes how we think about the asset in the context of global crises.