Bitcoin Outperforms Gold and Nasdaq 100 Amidst War: Arthur Hayes Interprets

Since the outbreak of the US-Iran conflict on February 28, Bitcoin has risen by 7%, outperforming gold, which fell by 2%, and the Nasdaq 100 index, which declined by 0.5%. This is the data shared by BitMEX co-founder Arthur Hayes on the X platform on March 12.

Bitcoin Holds Strong While Traditional Assets Decline The chart shows that against the backdrop of soaring energy prices due to concerns about supply disruptions, Bitcoin outperformed traditional safe-haven asset gold and the broad technology index Nasdaq 100, rising by 7%.

As of now, according to CoinGecko data, Bitcoin is trading near $70,000, with a 24-hour fluctuation range between $69,000 and $71,000, and a gain of less than 2% on the day. However, data from the past 7 days shows a decrease of 3.5%, but the current price is up 2% compared to 30 days ago. They believe that the supply on exchanges has decreased, and historically, this situation usually occurs during bull market phases, when holders transfer their Bitcoin to cold storage instead of leaving it on exchanges.