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Over the past two days, the market has challenged the usual geopolitical playbook. Tensions in the Middle East rose, including reports of US embassy evacuations, yet $BTC failed to rally. Later, optimism increased after Trump announced the cancellation of planned strikes, but Bitcoin didn't sell off either. That suggests geopolitical headlines are not the primary force driving crypto prices right now. Instead, traders appear to be paying much closer attention to factors such as US dollar liquidity, monetary policy expectations, institutional flows, and overall market positioning. This doesn't necessarily mean Bitcoin has completely decoupled from geopolitical risk. Major geopolitical events can still influence markets, especially if they materially affect global liquidity, energy prices, or investor risk appetite. However, in the current environment, war-related headlines alone seem to be having a much smaller impact than many expected. For now, it may be more productive to focus on liquidity conditions and macroeconomic catalysts rather than using geopolitical news as a standalone reason to enter or exit crypto positions. Markets can always shift, so staying flexible is more valuable than relying on a single narrative.