Bitcoin Outperforms Gold and Stocks Amid Middle East Tensions

ChainCatcher reports: Amid escalating tensions in the Middle East impacting global markets, Bitcoin has recently outperformed traditional assets. Data shows that since the outbreak of conflicts related to Iran, Bitcoin has risen approximately 3.5% to around $68,000, while Gold fell about 5%, Silver dropped roughly 12%, and the Nasdaq 100 and S&P 500 declined by approximately 1% and 1.5%, respectively. Market analysts attribute Bitcoin’s recent rebound to deleveraging in the derivatives market. Data indicates a decline in open interest for Bitcoin-denominated futures, with perpetual contract funding rates remaining negative at around -3.5%, suggesting continued overcrowding of short positions. Meanwhile, the “Coinbase premium” has reappeared, coupled with sustained net inflows into spot ETFs, indicating that U.S. institutional investors may be viewing the current price range as a new opportunity for positioning. On the macro front, driven by geopolitical tensions, WTI crude oil briefly rose to around $116 per barrel before retreating to approximately $100 amid expectations of G7 strategic reserve releases; the U.S. Dollar Index climbed to around 99, while the 10-year U.S. Treasury yield rose from near 4% to approximately 4.2%.