The recent price movement of Bitcoin during the tense situation in the Middle East has once again sparked debates about its role as a crisis hedge. Unlike traditional safe-haven assets like gold and U.S. Treasury bonds, which saw prices rise, Bitcoin initially declined sharply in tandem with the stock market. Although it later rebounded, this rebound appears to be driven by technical factors and dip-buying rather than defensive rotation. This event highlights Bitcoin's current high correlation with risk assets like the Nasdaq, which contrasts sharply with the inverse movement of traditional hedging tools during market stress.