Been watching Bitcoin get tossed around lately with all the Trump Iran noise. Through the coin glass of recent price action, I'm noticing a few signals worth tracking if you're trying to make sense of the volatility.

First, the geopolitical risk premium is real - every headline shift seems to shake things up. Second, I'm looking at whether institutional players are actually stepping in or just sitting on the sidelines. And third, the usual on-chain metrics haven't moved as dramatically as the price swings suggest, which is interesting.

If you're trying to get a clear coin glass view of what's actually driving this market, those three things feel like the key tells right now. The noise and the signal are pretty tangled at the moment.