The fourth week of the Iran conflict is continuing to defy traditional market behavior, with safe-haven assets weakening alongside risk markets. Bitcoin, however, is showing relative resilience.
Gold extended its slide to a ninth consecutive session on Monday, falling to around $4,360—its longest losing streak in years. Asian equities also declined for a third straight day and are now approaching correction territory.
At the same time, bond yields are moving higher as the prolonged conflict fuels inflation concerns, shifting expectations toward potential rate hikes rather than cuts. Equity futures in the U.S. and Europe are pointing lower, while Brent crude has surged to $113 per barrel, up more than 70% so far this year.
Bitcoin traded near $68,316 during Asian hours, gaining 1.5% over the past 24 hours but still down 6% on the week. Ether rose 2.7% to $2,059, while XRP added 2% to $1.38. Tron edged up 0.3% to $0.309, remaining the only major token in positive territory over the past week. Meanwhile, BNB fell 1.2% to $627, Solana dropped 2.5% to $86.54, and Dogecoin declined 1.7% to $0.09, making it the weakest weekly performer among major tokens.
Across asset classes, losses are broad-based. Gold—traditionally a safe haven during geopolitical turmoil—has dropped roughly 18% from its recent highs. Asian equities are nearing correction levels, while bitcoin continues to hold above the $66,000 support zone that has contained prior war-driven sell-offs since late February.
Alexander Blume, CEO of Two Prime, said the divergence between gold and bitcoin reflects deeper structural forces rather than short-term market moves. He noted that countries such as China had been accumulating gold as part of efforts to reduce reliance on Western financial systems, but that trend has reversed as liquidity demands have increased during the conflict.
Blume added that bitcoin’s spot and derivatives markets have held up relatively well despite the macro backdrop. The firm is positioning for a potential rise in funding and futures rates in the coming months, reflecting a contrarian view that markets may be underestimating upside potential.
Geopolitical risks remain elevated. U.S. President Donald Trump has issued a 48-hour ultimatum threatening strikes on Iran’s power infrastructure if the Strait of Hormuz is not reopened. Iran has warned that such action would result in a prolonged closure of the waterway and retaliatory attacks on U.S. and Israeli energy assets.
Meanwhile, Goldman Sachs has raised its oil price forecasts, increasing its full-year Brent outlook to $85 from $77 and WTI to $79 from $72, describing the disruption in the Strait of Hormuz as the largest supply shock in global crude markets.
