PANews reported on March 9th, citing CoinDesk, that despite the US-Iran-Israel conflict pushing oil prices above $100 per barrel, Bitcoin has remained largely flat around $67,000 over the past week. Analysts suggest this may be related to Bitcoin's close correlation with the US stock market—as a net oil exporter, the US has a lower dependence on Middle Eastern oil, resulting in relatively resilient US stocks, which in turn benefit Bitcoin. Data shows that the US imports most of its oil from Canada and Mexico, with only 4% coming from Saudi Arabia, making it largely immune to supply disruptions from the Strait of Hormuz. Since the conflict began on February 28th, S&P 500 and Nasdaq futures have fallen by just over 3%, while the Nikkei index has fallen by 10%, the Indian Nifty by 5%, and the South Korean Kospi by over 16%.

Analysts point out that with the launch of spot ETFs and expectations of regulatory easing following Trump's election victory, Bitcoin has gradually evolved into a quasi-US risk asset, increasingly closely linked to the US financial situation. Furthermore, Bitcoin had already corrected from its highs to around $60,000 before the conflict, releasing short-term selling pressure and providing a relatively stable foundation for its current price.