Bitcoin is beating stocks and gold as the Middle East conflict rattles global markets

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin is beating stocks and gold as the Middle East conflict rattles global markets Bitcoin has outperformed precious metals and U.S. equities since the war in Iran first began, softening sentiment after a rough start to the year. By James Van Straten , Omkar Godbole | Edited by Oliver Knight Mar 9, 2026, 11:38 a.m. Make us preferred on Google Tehran, Iran. (Photo by hosein charbaghi on Unsplash/Modified by CoinDesk) What to know : Bitcoin has climbed 3.5% since the conflict began, while traditional "safe havens" like gold and silver have dropped 5% and 12%, respectively. The return of the "Coinbase premium" and steady spot ETF inflows suggest that large-scale U.S. investors are viewing current price levels as an attractive entry point. The rally is being supported by a "cleaner" market; recent data shows that risky, high-leverage bets have been cleared out, leaving the floor open for more stable, spot-driven demand. The outbreak of war in the Middle East has rattled global markets, yet bitcoin BTC $ 67,523.53 has been doing something unexpected: outperforming stocks. Bitcoin has risen about 3.5% to $68,000 since the conflict between Iran, Israel and the U.S. began just over a week ago, according to CoinDesk data. Over the same period it has outperformed most major assets. Gold has fallen roughly 5%, silver is down 12%, the Nasdaq 100 has declined about 1% and the S&P 500 is lower by around 1.5%. The divergence has widened over the past 24 hours, with bitcoin up more than 2.5% while U.S. equity futures remain in the red. WTI crude briefly surged to around $116 per barrel early on Monday, at one stage up about 60% since the conflict began. However, comments from G7 leaders about potentially releasing oil reserves helped cool the rally, with crude retreating to roughly $100 per barrel. Meanwhile, the U..S dollar has strengthened, with the DXY index rising more than 1% to just above 99. Treasury yields have also climbed, with the US 10 year yield moving from just below 4% before the conflict to around 4.2%. Bitcoin’s outperformance comes after weeks of a brutal sell-off that saw prices nearly halve to around $60,000 from the record high above $126,000 in October. With sentiment already fragile when the conflict began, many expected the downturn to deepen rather than reverse. Instead, the market has done what it often does best: catch the consensus off guard. Tracking tech stocks Despite bitcoin’s relative strength, it still shows correlation with technology stocks. The iShares Expanded Tech Software ETF (IGV), a widely followed software sector benchmark, has gained about 7% since the conflict began after rebounding from roughly $76 to close Friday near $88. Derivative market signals may point to stabilization. Open interest in coin margined futures, which measures the total value of outstanding contracts settled in bitcoin rather than dollars, has declined, indicating leverage is being flushed from the system. Funding rates, periodic payments between long and short traders in perpetual futures, remain negative at around -3.5%, meaning short sellers are paying longs, a sign bearish positioning remains crowded. At the same time, the Coinbase premium has returned. This measures the price difference between bitcoin on Coinbase and offshore exchanges and is often used as a proxy for US institutional demand. Its reappearance, alongside spot ETF inflows, suggests institutional buyers may be returning to the market and finding demand at these oversold levels. Bitcoin Gold Iran Oil More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report More For You U.S. inflation, Polkadot upgrade, Solstice-Kamino announcement: Crypto Week Ahead By Francisco Rodrigues | Edited by Sheldon Reback 50 minutes ago Your look at what's coming in the week starting March 9. 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