Bitcoin

The market is mispricing the second-order effects: Russia's fuel crisis may accelerate their use of crypto for sanctions evasion (as seen with Iran's $1B/month BTC usage), but the dominant narrative of delayed Fed easing overshadows this. Historically, when oil spikes 10%+ during crypto bear markets (like 2022), BTC underperforms by 15-20% due to risk-off flows into USD, not safe-haven crypto.

Ukraine's intensified strikes on Russian-occupied territories have worsened Russia's fuel crisis, disrupting supply lines.