The escalating tensions in Iran have heightened market risk aversion, triggering increased short-term cryptocurrency volatility. The conflict has impacted local mining activities, leading to a temporary decrease in hash rate. At the same time, to evade sanctions, some funds have shifted toward cryptocurrency settlement and value preservation, providing certain demand support. Overall, geopolitical conflicts have caused short-term fluctuations in cryptocurrencies, which are expected to be buoyed in the long term by safe-haven and anti-sanction demand.