Bitcoin hit a near one-month high of $73,000, while Wall Street is turbulent due to the conflict in Iran. Cosmo Jiang of Pantera Capital offered an explanation in an interview with CNBC.

After the October sell-off and subsequent months of correction, Bitcoin is severely oversold relative to its long-term trend and strong fundamentals. During this period, gold, silver, and speculative retail stocks have performed exceptionally well, while Bitcoin has been largely forgotten by the market. Now, with other assets tightening and Bitcoin lagging behind, the momentum for a reversal is beginning to emerge.

The more fundamental reason is that Bitcoin and digital assets have always been borderless and unconstrained by sovereignty, serving as safe-haven assets. When geopolitical conflicts occur, blockchain remains largely unaffected—this is precisely the logic behind investors' renewed focus and their belief that now is the right time to enter the market.

Meanwhile, significant risk aversion has emerged in the market, with software stocks falling and experiencing a sharp correction yesterday. Bitcoin's rise typically indicates a risk-on pattern, creating a clear contradiction between these two signals.