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499 → adjusted to keep under 500 with the $ added. "Digital gold" narrative is being tested. Since the Iran conflict began: $BTC -4.4%, $ETH -5.7%, gold -14.7%. BTC held up better than gold in a real crisis. Dominance still 56.5%, cap isn't leaving crypto, it's consolidating into $BTC. ETF flows just flipped positive after 3 red days. TAKE: quiet accumulation, not exit. Wrong if: outflows resume 3-4 days AND dominance drops too. Watch: any ceasefire headline unlocks sidelined risk-on cash.