10x Research: The Bitcoin "Safe Haven Myth" Fails Amid US-Iran Conflict, ETF Funds Reshape Pricing Logic

MeNews · 2026-04-05T11:22:25+00:00

In the context of the US-Iran conflict, Bitcoin has not demonstrated safe-haven asset characteristics; instead, it has declined in tandem with other risk assets. The market's perception of Bitcoin is flawed, overly relying on outdated liquidity models and ignoring key macroeconomic factors.

MeNews

2026-04-05 11:22:25

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ME News message, April 1 (UTC+8). 10x Research said in a post on the X platform that, amid the current backdrop of the U.S.-Iran conflict, Bitcoin has not shown an “anti-inflation” or “safe-haven asset” attribute. Instead, it has fallen in sync with other risk assets, indicating that its price-driven logic is changing. The launch of Bitcoin ETFs has brought a group of new investors into the market; most of them come from Wall Street and are more focused on macro variables rather than on-chain applications or network growth indicators, but not all “macro” indicators are applicable to Bitcoin. Some retail investors still rely on the narrative of a “four-year cycle,” or even extend it to a “five-year cycle,” which causes them to keep going long during the downturn. The market overall is currently misreading Bitcoin—treating it as a safe-haven asset, over-relying on failed liquidity models, and ignoring the key macro factors that truly drive the cycle. (Source: ODAILY)

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