Trump imposes tariffs on 8 countries, Iran protests continue, and the global geopolitical risk index rises to its highest level since the Russia-Ukraine war in 2022. In 2025, the 30-day correlation coefficient between Bitcoin and gold has repeatedly exceeded 0.6, a phenomenon that was almost unheard of before 2020. Traditionally, BTC has been classified as a "risk asset"—rising and falling together with the Nasdaq. However, in the past two years, its behavior pattern has been changing.

There are several reasons.
First, institutional funds brought by ETFs—the allocation logic of these funds is "portfolio diversification," not "chasing gains and selling losses."

Second, the global de-dollarization trend—when the US uses tariffs and sanctions as weapons, other countries begin to seek alternative means of value storage.

But we have not reached the final stage of "Bitcoin as digital gold." In true market panic (such as the yen arbitrage liquidation in August 2024), BTC will still be sold indiscriminately. It currently behaves more like a "weak safe-haven asset"—performing well under moderate geopolitical risks but not necessarily immune during systemic collapses.
The current Greenland tariffs and Iran crisis belong to "moderate" risk levels. Market uncertainty is rising, but it has not reached panic selling levels. This is exactly BTC's comfort zone—enough uncertainty to drive safe-haven demand, but not enough to trigger a liquidity crisis.