Why did safe haven assets such as gold and "digital gold" BTC plummet during the war panic today? Today's market data presents an extremely abnormal combination: -The VIXY index of panic surged by 10.88% → Investors were extremely panicked, and risk aversion sentiment surged -Gold plummeted by 6.59%, Bitcoin fell by 3.99% → Traditional safe haven assets both fell -Crude oil continues to rise by 1.99% → Energy crisis not eased -Long term US Treasury TLT also falls by -0.90% → Even bonds are not seen as safe havens -USD UUP up+0.58% → The only safe haven flow is cash (USD) Today's market is a textbook level "Dash to Cash" model - investors buy neither gold, Bitcoin, nor bonds, only US dollars. The fundamental reason is the '$100 Oil Paradox'. This war has created an extremely rare macroeconomic dilemma. Traditional logic: War panic → Funds flee to gold/Bitcoin ❌ The actual logical chain of this event: war → Hormuz blockade → oil price of $110+→ reignition of inflation → inability of the Federal Reserve to cut interest rates → significant increase in opportunity cost of holding interest free gold → capital fleeing to US dollar cash → sharp drop in gold/BTC ✅ In other words, the secondary effects of war (energy inflation → monetary policy lock-in) are crushing its primary effects (panic sentiment → safe haven buying). The uniqueness of this war lies in its creation of an energy inflation crisis rather than a financial systemic crisis. When market fear comes from inflation rather than credit collapse, the US dollar becomes the only real safe haven, while gold, Bitcoin and even US treasury bond bonds are under pressure. This is a modern reenactment of the 1970s oil crisis era.