10x Research Market Updates

Why Bitcoin Is Falling During the Iran War — And What Signals the Bottom

Bitcoin’s price fell sharply during the Iran conflict, moving in tandem with broader risk assets rather than acting as a safe‑haven. The report argues that the traditional stock‑to‑flow scarcity narrative and money‑supply models like M2 have lost predictive power. Bitcoin ETFs have attracted Wall Street investors who prioritize macroeconomic signals over on‑chain fundamentals. An inverse relationship with the U.S. Dollar Index underscores the growing importance of fiat‑currency dynamics in crypto pricing.