Geopolitical tensions are escalating, but Bitcoin’s price hasn’t seen a major move yet. NoOnes CEO Ray Youssef explains why.

Rising tensions in the Middle East are exposing a flaw in how some traders view Bitcoin (BTC). Instead of acting as a hedge, Bitcoin is acting more like a tech stock, said Ray Youssef, CEO of NoOnes, a peer-to-peer cryptocurrency trading and payments platform.

Yossef also highlighted the $100 million breach of Nobitex, Iran’s largest cryptocurrency exchange. The attack, likely carried out by Predatory Sparrow, a hacker group with ties to Israel, sounded the alarm earlier.

Escalating tensions are typically positive for risk-on assets. Bitcoin’s response, however, has been muted, continuing to trade around $105,000. Meanwhile, Ethereum (ETH) has also been trading between $2,120 and $2,330, now for the seventh consecutive week. This is despite significant whale inflows, amounting to 871,000 ETH in a week.

Bitcoin is no longer a hedge: Yossef
According to Youssef, Bitcoin’s lack of volatility suggests that the view of the coin as a hedge is losing traction in today’s market.

However, Youssef notes that geopolitical risks are driving a shift in the broader crypto landscape. Bitcoin’s dominance is approaching 66%, as traders retreat from riskier altcoins. If global tensions continue to rise, this rotation into BTC could accelerate, especially if capital controls, sanctions, and infrastructure disruptions join the mix.