So this is interesting—while the Asian markets are under heavy stress with oil prices soaring above $100 per barrel, Bitcoin remains relatively calm in the $67,000 zone. The conflict involving Iran, the United States, and Israel that took place last week has caused Japan's Nikkei to drop 10%, India's index to fall 5%, and South Korea's Kospi to plunge more than 16%. But this cryptocurrency? Almost no movement.

The reason behind this is actually quite logical when we look at the current market dynamics. Bitcoin has evolved into a kind of quasi-risk asset for the US, no longer a truly decentralized global asset. Bitcoin's movements now closely follow Wall Street, especially tech stocks and the Nasdaq. Why? Because since the launch of the spot Bitcoin ETF in the US, institutional access has become much easier, fundamentally changing crypto demand structures.

Additionally, the US's position as the world's largest net oil exporter is a crucial factor here. According to analysis from JP Morgan, the US mainly imports oil from Canada and Mexico, only 4% from Saudi Arabia. So when the Strait of Hormuz is threatened or supply from the Middle East is disrupted, the most affected Asian countries—China, India, South Korea—feel the impact. The US? Relatively protected. And Bitcoin, increasingly tied to US financial conditions, benefits from the same protection.

US stocks themselves have only fallen 3% since the conflict began, far more resilient compared to regional Asian markets. Bitcoin seems to be capturing that same resilience momentum. This is no coincidence—it's a reflection of how crypto has evolved post-Trump and the era of spot ETFs.

There’s also another factor that likely helps stabilize Bitcoin. This cryptocurrency had already dropped close to $60,000 before the conflict erupted, after weeks of profit-taking and broader market uncertainty. That decline probably eliminated short-term sellers, so the current holder base is more solid and long-term oriented.

Of course, this doesn’t mean American consumers are completely safe. If the conflict prolongs or oil prices continue to spike, inflation and consumer costs will eventually be felt. But there’s a lag time due to US energy independence—so the public has a buffer before gas prices rise visibly at the pump. For now, the US markets and Bitcoin seem capable of navigating this initial shock relatively smoothly.