Iran's state TV has announced that Khamenei's death has been confirmed. As one of the world’s most frequently targeted leaders for assassination, if Khamenei hadn’t died, this conflict would’ve just been an upgraded version of the Twelve-Day War; Everyone would fire a couple of rounds of missiles at each other, boom boom back and forth, then make peace → negotiate, and wait for the next round of games. Now that Khamenei has been killed, it shortens the tug-of-war process. I guess this might mean the short-term bearish news has been fully priced in? For the Don, taking out Khamenei quickly means he can basically declare victory—doesn’t matter if it’s a big win or a small win, a win is a win. BTC has also returned to its pre-conflict price. I’d bet Iran’s elites are busy transferring their assets overseas. This shows: High-beta assets that face short-term pressure during geopolitical events often rebound first once the situation becomes clear.