[DigitalToday reporter Jinju Hong (홍진주)] Bitcoin (BTC) and ethereum (ETH) posted higher returns than traditional safe-haven assets such as gold and silver and major stock indexes in March as tensions between the United States and Iran escalated, data showed. The analysis said cryptocurrencies showed some signs of decoupling despite the geopolitical shock.

According to Binance Research's Monthly Market Insights (April 2026), cited by blockchain media outlet Cryptopolitan on April 6, bitcoin gained about 1 percent and ethereum rose about 6 percent after the Middle East conflict broke out. Over the same period, the S&P 500 fell 8 percent and the Philadelphia Semiconductor Index (SOXX) dropped 12 percent. Gold and silver, also seen as traditional safe-haven assets, fell 13 percent and 22 percent, respectively, showing weakness.

Short-term moves during the conflict phase also stood out. Bitcoin and ethereum at one point extended gains to as much as 14 percent and 22 percent, respectively, showing relative strength amid volatility.

The report cited a market structure that allows 24-hour trading and institutional demand as reasons behind cryptocurrencies' resilience. Selling pressure emerged in the initial risk-off phase, it said, but demand later flowed in through additions to corporate treasuries, spot ETFs and on-chain long-term holders, driving a quick rebound. It also said it was an unusual case for gold and silver to weaken together, and assessed that cryptocurrencies' role as a diversification asset and their resilience during geopolitical stress were highlighted.

The report said this strengthened the narrative of cryptocurrencies as a 'supra-sovereign' asset that transcends nation states.

The geopolitical shock also spread to commodity markets. The conflict disrupted about 20 percent of global oil trading and Brent crude prices rose about 36 percent. The volatility index (VIX), which reflects market anxiety, also surged to 35. Even so, total cryptocurrency market capitalisation in March rose 1.8 percent from the previous month to $2.39 trillion.

Flows of institutional money and changes in holding structures were also presented as key grounds. Binance Research described March as an inflection point for institutional adoption and highlighted that, for the first time in 2026, spot ETF flows turned to net inflows of about $1.2 billion. It also analysed that structural accumulation was under way in the market in tandem with a rise in long-term holder (LTH) supply. The report interpreted this as a market reset signal preparing for a new up cycle.

Key themes in the market included the 'AI agent economy' and real-world assets (RWA). The ethereum-based AI agent on-chain identity standard ERC-8004 was spreading rapidly, with the number of registered agents surging from 337 to more than 162,000 in two months after the mainnet launch. The report, however, said further verification was needed on whether such growth would immediately lead to real economic activity.

In the RWA segment, total assets stood at about $27.1 billion, up 4 percent from the previous month. Government debt-related assets drove growth with inflows of about $2.0 billion, while about $900 million flowed out of commodities and institutional funds. By chain, BNB Chain grew 35.8 percent from the previous month to about $3.4 billion, with U.S. Treasury-like assets accounting for most of it.

The report assessed that as geopolitical uncertainty persists, the cryptocurrency market is seeking a new role by moving differently from traditional assets.