The US just launched Operation Epic Fury, striking Iran's nuclear facilities, missile sites, and sinking a warship at port. Three American troops are dead. Iran fired 1,500+ missiles and drones across the Gulf. Six nations activated missile defenses. The Strait of Hormuz is effectively shut down.

Bitcoin dropped from $65,572 to $63,176 in an hour on the first strike reports Saturday night. By Sunday morning it was back near $66,500.

$327 million in forced liquidations across 93,000+ traders exhausted selling pressure almost instantly. The reflex bounce was mechanical and fast.

Equities haven't even opened yet. Monday morning is going to be ugly.

Here's the part worth paying attention to: this conflict was reportedly planned for weeks. If true, the drawdown in risk assets over February was at least partially front-run by people with advance knowledge. The rest of us got the headline on a Saturday night.

Bitcoin's snap recovery after five months of bleeding suggests the market had already priced in serious geopolitical risk. The sellers are mostly gone.