[Bloomberg Analyst: Short-term Price Fluctuations Are Insufficient to Deny Gold or Bitcoin's Role as Safe-Haven Assets] Bloomberg ETF analyst Eric Balchunas pointed out that since Iran launched airstrikes and geopolitical tensions have intensified, Bitcoin has risen by about 12%, while Gold has declined. However, this does not mean that Gold has 'failed' as a safe-haven asset or that Bitcoin has completely replaced its function. Balchunas emphasized that short-term price movements are likely driven more by changes in market-making participants like Jane Street and market sentiment. Gold's pullback could also be due to profit-taking by investors or partial capital rotation into Bitcoin. Drawing conclusions about the nature of assets based solely on short-term market trends is problematic.