Analysis: As risks related to Iran rise, the cryptocurrency market remains range-bound.

PANews reported on March 2nd that, according to QCP Capital analysis, the cryptocurrency market remained range-bound as the situation in Iran escalated. Following the US attack on Iran last Saturday, Bitcoin and Ethereum fell to lows of $63,000 and $1,910 respectively before rebounding. Approximately $300 million in long liquidations were triggered, a relatively manageable scale, indicating that positioning has eased in recent weeks, potentially suggesting that Bitcoin's role as a "weekend macro hedge" is shifting towards tokenized gold. The options market reacted mildly, with 1-day implied volatility briefly surging to 93% before retreating. Notably, even during the escalation of the conflict, buyers continued to purchase March-expiring Bitcoin call options with strike prices of $74,000 and $75,000, indicating that some traders are positioning for a March rebound after five consecutive months of declines.

Analysts point out that the Trump administration, recognizing the unpopularity of a protracted war, has indicated that military action will last "about four weeks," a timeframe the market currently seems to tolerate. Despite the positive price action, caution is still warranted as tensions persist.