The geopolitical black swan event has caused the crypto market to be completely abandoned as a risk asset. The sharp decline on February 28th was directly triggered by the escalation of Middle Eastern geopolitical conflicts, with Israel launching a military attack on Iran. Global funds panicked instantly, rushing into traditional safe-haven assets like gold and U.S. Treasuries. Many have always said that Bitcoin is "digital gold," but reality has harshly proven otherwise — when genuine geopolitical risks emerge, Bitcoin is not a safe-haven asset at all, but rather the first high-volatility risk asset to be sold off by funds.