On March 1, according to Bloomberg, the crypto market surged significantly in Asian trading hours after Iran confirmed the death of Supreme Leader Khamenei in a U.S.-led military operation.

Bitcoin rose as much as 2.21% to $68,196, then retreated to around $67,300; the previous day, it had fallen 3.8%. Ethereum increased by up to 4.58%, regaining the $2,000 level.

Data shows that after losing approximately $128 billion in market capitalization the day before, the crypto market had already rebounded by about $32 billion by Sunday morning. Analysts note that, due to 24/7 trading in the crypto market, Bitcoin acted as a "liquidity relief valve" during the weekend escalation of geopolitical conflicts, absorbing selling pressure that might have otherwise dispersed into equities, bonds, and commodities markets.

However, the market still faces uncertainty. Iran has launched counterattacks against multiple locations including Israel, Qatar, the UAE, and Bahrain, and has threatened further strikes against U.S.-related bases. Some traders believe that true price discovery will occur after U.S. stock markets and Bitcoin ETFs resume trading on Monday.

The derivatives market also experienced intense volatility. Analysts pointed out that last Saturday, Bitcoin derivatives sell volume surged by approximately $1.8 billion in a single hour, indicating rising short-term risk aversion. Meanwhile, prices of tokenized commodity contracts linked to crude oil, gold, and silver on decentralized trading platform Hyperliquid also increased.