The monthly numbers are the context that makes Monday's non-reaction meaningful. Bitcoin has surged 23% in August, roughly triple gold's 9% and nearly six times the Nasdaq's 4%.

That ranking is unusual for a month defined by geopolitical escalation and a hawkish Fed. In prior episodes of this conflict, oil spikes reliably pressured Bitcoin through the inflation-to-yields-to-risk-assets chain that Fidelity's Jurrien Timmer described. Bitcoin sitting still through a direct US strike on Iranian territory, while gold falls and equities decline, is a different response than the same headline would have produced in July.#U.S.StrikesIranBTCDips