I remember back when Israel went into Gaza, and markets took a hit, bitcoin was down notably and many tradfi macro folks who I otherwise respect for good market analysis were like “Why is bitcoin down today? I thought it’s a safe haven, lol.” Similarly, today when bitcoin is up amid market turmoil, the bitcoin bulls celebrate it. I’d be cautious about all one-day moves. If you over-emphasize them, you risk looking like someone with a memory of a goldfish, or otherwise operating with selection bias. However, a point I have made in the past, and will repeat today, is that there are different types of risk-off events. A risk-off event that hurts liquidity is likely to hurt bitcoin. A risk-off event that demands more liquidity, or that is unrelated to liquidity (eg tariffs attacking corporate margins), is more likely to benefit or at least kind of spare Bitcoin. Focusing on Bitcoin as a risk on or risk off asset is first level thinking. People who understand it deeply and self custody it tend to view it as risk off period, for good reason. But not always in terms of price. In terms of price, whether it functions as a risk on/off asset varies based on what type of risk on/off catalyst it was. This catalyst risks hitting margins, not liquidity, and thus so far the reaction makes sense. But it still pays to be careful not to celebrate one-day moves too much. Cautiously bullish.