Why did Bitcoin decouple from Wall Street during global conflicts? Bitcoin has surpassed $73000, reaching a new high in nearly a month, while Wall Street is currently in turmoil due to the Iran conflict. Cosmo Jiang from Pantera Capital provided an explanation in an interview with CNBC. After experiencing a sell-off in October and subsequent months of adjustment, Bitcoin is now in a severely oversold position relative to its long-term trend and good fundamentals. During this period, gold, silver, and speculative retail stocks have been thriving, while Bitcoin has been forgotten by the market. Now that other assets are tightening, coupled with the previous relative backwardness, the reversal momentum is beginning to be released. The more fundamental reason is that Bitcoin and digital assets have always been borderless and sovereign free safe haven assets. When geopolitical conflicts occur, blockchain is almost unaffected - this is precisely the logic behind investors' renewed focus and belief that now is the entry point. At the same time, there have been a large number of hedging actions in the market, with software stocks falling and experiencing a significant correction yesterday. The rise of Bitcoin usually indicates a risk preference pattern, and the two signals currently form a clear contradiction.