Here's an interesting shift: markets aren't actually tuning out geopolitical risk — they're just getting smarter about separating signal from noise.

Think about it. A few years back, every headline about tensions would send traders scrambling. Now? The market's developed a kind of immunity. Not indifference, but selectivity. When something is genuinely systemic — like sanctions impacting energy flows or trade route disruptions — prices move. When it's just rhetoric or isolated incidents? Markets barely blink.

This filtering mechanism is pretty sophisticated. You see it play out in crypto too. Major geopolitical events that would've sparked 10% swings now get absorbed with minimal volatility. Traders have learned to distinguish between noise that affects real economic flows versus noise that's just, well, noise.

The key insight: mature markets don't ignore geopolitics. They've simply gotten better at weighing what actually matters.