The possibility of a Gulf War completely changed the markets. Recently, an interesting situation has developed in the crypto market: while Bitcoin remains relatively calm, traditional “safe haven” assets are collapsing.

On Tuesday morning, Bitcoin is trading at 74.16K, recovering after falling below 70K over the weekend. Ethereum is down 2.47%, Solana is down 3.43%, Dogecoin is down 1.46%, and XRP is down 1.38%. The ceasefire trading on Monday lasted about 18 hours, but this morning the situation is completely different.

What happened? Saudi Arabia and BAE suddenly agreed to grant access to the U.S. King Fahd Air Base. This is the exact opposite of their previous position. The direct involvement of the Gulf region in the war means a conflict far wider than just the U.S.-İsrail air operations. The Strait of Hormuz remains effectively closed, and the likelihood of talks with Iran looks low.

Traditional markets panicked. S&P 500 futures fell 0.5%, European stocks are expected to drop 0.8% at the open, the dollar gained 0.3%, and oil jumped 4%, approaching 104 dollars. But gold? It is experiencing its longest streak of intraday daily declines so far, down 1.5%. This is very strange.

Gold, which should be a safe haven during an active war, is posting record losses, while Bitcoin, which is expected to be volatile, is holding up relatively steadily. The most likely explanation is that funds facing margin calls are forced to sell their most liquid asset—gold. But in the end, this makes Bitcoin’s relative stability far more striking.

Trump’s five-day deadline for Iran ends on Saturday, but the dynamics of the Gulf War have completely changed. A regional coalition presents a scenario entirely different from the U.S.-İsrail air operation. Oil infrastructure is at risk, and geopolitical stress is rising. What will happen this weekend is eagerly awaited.

And there’s more: Bitmine Immersion Technologies doubled its share count over the last six months and raised more than 10 billion dollars in funding. The mining company shifted leverage into its Ethereum treasury, accumulating about 5% of the total Ether supply. It holds 4.87 million ether at an average cost of 2.206 dollars per token, becoming the largest institutional holder. The crypto market is playing these kinds of games too.