The worst is behind us; now we wait
Amid the war in Iran BTC and oil is green while most assets are red. Positioning remains heavily defensive and BTC sits near historic oversold levels. We believe the current risk-reward favors accumulation and view BTC as a strong buy in its current range.
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Heavily oversoldBitcoin has risen 3% this week despite heightened global uncertainty following U.S. and Israeli attacks on Iran and subsequent retaliation. Iran’s strikes on regional oil refineries and the closure of the Strait of Hormuz have sent oil and gas prices sharply higher and triggered equity market pullbacks, while crypto markets have delivered comparatively strong returns.We believe Bitcoin’s short term outperformance is partly due to low active institutional positioning, limiting its use as a macro hedge during geopolitical stress. At the same
