Iran and Bitcoin: Much Ado About Nothing

All weekend, planes, bombs, and missiles were flying over the Middle East. The US‑Israel military operation against Iran shut down 20% of global oil supplies and grounded flights over the region. Analysts are at least expecting inflation to take off—gold and oil are bracing for new highs, the world is buzzing with dire forecasts. And Bitcoin? What's it doing?

Nothing. Absolutely nothing. Price is just drifting inside a triangle—a textbook uncertainty pattern—bleeding volatility like the main event for crypto is still somewhere down the road.

Not even the short‑term holders are panicking. The STH P&L to Exchange metric tells the story: since the mega sell‑offs on February 5–6, inflows to exchanges and people taking BTC losses have been steadily dropping. The war with Iran didn't even spook the retail crowd.

Maybe we should all be looking for another asset? Can't make money on Bitcoin anymore?