When systemic risks emerge in the traditional financial system, the hedging properties of crypto assets begin to manifest. Iran's case is the most vivid textbook example.

According to reports, five major Iranian banks are on the brink of complete collapse. In the past 48 hours alone, Iran's political elite have transferred large amounts of funds out of the country through cryptocurrency channels. The official disclosed figure is $1.5 billion, but this is just the tip of the iceberg—one high-level individual transferred as much as $328 million to Dubai.

The true situation may be far more alarming. Wealthy individuals are not foolish enough to only transfer the publicly reported amounts; the actual capital outflow likely exceeds hundreds of millions of dollars. This reflects a phenomenon: when a country's financial system faces a crisis of trust, cryptocurrencies become the "Ark" in the hands of large capital.

This also explains why the recent crypto market has seen an upward trend—hot money fleeing risk continues to pour in. This passive buying does not care about price levels; as long as it can be exchanged for USD or stablecoins, it’s fine. From a certain perspective, when geopolitical and economic risks escalate, the liquidity and cross-border transfer capabilities of crypto assets become the last financial escape route.