[10x Research: Bitcoin's 'Safe Haven Myth' Fails Amid U.S.-Iran Conflict, ETF Funds Reshape Pricing Logic] Odaily Planet Daily reports that 10x Research posted on the X platform, stating that under the current U.S.-Iran conflict, Bitcoin has not demonstrated its 'inflation hedge' or 'safe haven asset' properties. Instead, it has declined in sync with other risk assets, indicating a shift in its price-driving logic. The launch of Bitcoin ETFs has introduced a new group of investors to the market, primarily from Wall Street, who focus more on macroeconomic variables rather than on-chain applications or network growth metrics. However, not all 'macro' indicators are applicable to Bitcoin. Some retail investors still rely on the 'four-year cycle' or an extended 'five-year cycle' narrative, leading to continued long positions during downturns. The current market broadly misinterprets Bitcoin, treating it as a safe haven asset, overly relying on outdated liquidity models, and ignoring the key macroeconomic factors that truly drive its cycles.