Volatility Characteristics: Under geopolitical conflicts, volatility is significantly amplified, possessing both safe-haven attributes and the dual nature of risk assets.



Trend Logic: During the initial escalation of conflict, there is a sharp decline driven by panic sentiment, followed by funds treating it as "digital gold" for allocation, leading to a rapid rebound and recovery; overall, its correlation with gold strengthens, while also being influenced by expectations of dollar liquidity.

Key Judgment: In the short term, it is heavily impacted by news and events, but in the medium to long term, it remains anchored to Federal Reserve monetary policy; geopolitical conflicts are only short-term catalysts for volatility.
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