Recently, geopolitical tensions have been somewhat heightened, but interestingly, Bitcoin has been performing steadily like a rock. Market analysts generally believe that this round will not trigger a significant correction. What is the reason for that?

Actually, it's not that simple. In the current environment, Bitcoin's performance indeed depends more on macro liquidity conditions rather than a single geopolitical event. But we also can't be too optimistic—if the conflict suddenly escalates, global oil prices soar, and the US stock market crashes, Bitcoin as a risk asset will inevitably follow the trend. In extreme cases, once the market falls into panic, any asset could face irrational sell-offs.

From another perspective, analysts' optimistic judgments are actually based on the assumption that "the event is controllable and risks are fully priced in." In a liquidity-driven market, this logic indeed holds water. The core lesson for investors is to understand the difference between the event itself and the chain reaction of financial consequences it might trigger.

In the short term, unless the situation takes a drastic turn, Bitcoin's movement will be more influenced by its fundamentals and macro liquidity. In the long run, such geopolitical turmoil may actually strengthen Bitcoin's appeal as a non-sovereign, censorship-resistant asset. However, this is more of a structural long-term story and will not directly push prices higher in the short term.

Practical advice? Ordinary investors should not rush into short-term trades based on a single geopolitical news. Instead of guessing, pay more attention to the capital flows of Bitcoin spot ETFs, the strength of the US dollar index, and the performance of the US stock technology sector. These indicators are often the most reliable barometers of market sentiment.