Bitcoin leading the way in geopolitical turmoil

Since the escalation of the February 28th Iran crisis, financial markets have been going through an unusual period of stress. In this context,
Bitcoin
continues to surprise with its resilience, according to CoinShares Research Department.

Since the beginning of the crisis, the asset has increased by nearly 23%, while global stocks declined by 3.3% and gold – considered the ultimate safe haven – lost almost 9%. Even this week, the trend continued: Bitcoin gained an additional 4.5%, while stock markets and gold were in negative territory.

Investment flows reflect this reality. Digital asset investment products recorded around one billion dollars in net inflows this week, despite an ongoing tense geopolitical situation. This figure illustrates a shift in perception: Bitcoin is no longer just seen as a speculative asset, but increasingly as a full-fledged macro asset, especially during periods of geopolitical stress and monetary policy uncertainty.

The strong performance of blockchain-related stocks

The most notable institutional trend this month remains the enthusiasm for blockchain-related stocks. Inflows into this segment have reached $615 million since the beginning of the month – a monthly record – with $289 million just this week. Blockchain stock indices have risen by over 12% since the beginning of the year, and Bitcoin mining benchmarks have gained over 31%, compared to 6.9% for the Nasdaq. Many listed miners are now pivoting towards artificial intelligence infrastructure, leveraging their energy contracts and existing data centers to offer computing capacity. For institutional investors whose mandates exclude direct exposure to crypto assets, these listed vehicles represent a pragmatic entry point.

Finally, the Clarity Act, clarifying regulatory oversight of the crypto sector in the United States, remains a top concern. The legislative window is closing rapidly: if the bill is not enacted by the end of May, the chances of passage drop significantly. Polymarket now shows a 45% chance of adoption. In case of success, the impact would not be uniform: Bitcoin and
Ethereum
are relatively protected, while decentralized finance (DeFi) and broader token markets would be more exposed. In the long term, the Clarity Act would provide traditional large banks – already involved in digital asset custody – with the necessary regulatory framework to scale their operations. This would be a more structuring step than any product launch.

Cryptocurrency ETNs involve significant risk of capital loss. Their volatility and exposure to regulatory changes must be considered. It is important to note that past performance does not guarantee future performance. Before making any investment, refer to the information document and prospectus to assess if this investment fits your profile and financial objectives.