QCP Capital: Iran Strike Didn't Break Bitcoin

QCP Capital has released its latest analytical report, and the picture the firm's analysts paint amid the war in Iran is unexpectedly calm.

Following the US strike on Iran on February 28, Bitcoin and Ethereum briefly plummeted to $63,000 and $1,910, respectively, after which both assets returned to their usual ranges. Forced liquidations of long positions amounted to approximately $300 million—a significant, but manageable, figure, especially compared to the much more chaotic sell-off of early February, when the market was clearly unprepared for the shock.

QCP Capital offers two explanations for the relatively modest scale of the forced selling. First, by the time of the strike, many market participants had already significantly reduced their positions—warning signals had been coming throughout the previous week. The second, more interesting point: Bitcoin's role as a safe-haven asset during crisis weekends may gradually give way to tokenized gold, which trades around the clock and increasingly accumulates capital during periods of uncertainty.

In this context, QCP Capital offers specific options strategies. Their purpose is to take advantage of temporarily reduced options prices to bet on a Bitcoin recovery after the geopolitical backdrop stabilizes.
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