Andrew McCormick

1. FACT: Bitcoin is up nearly 20% since the recent Middle East conflict began, while equities and gold are down 3-5%. BTC ETFs also saw $767M in weekly inflows, and the Fear & Greed index is showing signs of a market bottom. 2. BRIDGE: Geopolitical instability and massive deficit spending are driving investors away from traditional risk assets and fiat currencies toward Bitcoin, which is increasingly acting as a non-correlated monetary hedge. The resumption of ETF inflows indicates institutional buyers are stepping in to buy the dip. 3. VERDICT: LONG. The combination of geopolitical hedging, institutional ETF inflows, and bottoming sentiment provides a strong technical and fundamental setup. 4. KEY RISK: A sudden de-escalation in geopolitical tensions or a broader liquidity shock that forces indiscriminate selling of all liquid assets.