US and Israeli strikes killed Iran's Supreme Leader and initially rattled markets. But does the subsequent market calm reflect genuine resilience or a dangerous underpricing of what comes next?

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Over the weekend, US and Israeli forces conducted coordinated strikes on Iran under an operation called Epic Fury, killing Supreme Leader Ayatollah Khamenei and triggering retaliatory missile attacks across the Gulf region. 

Markets absorbed the shock in ways that surprised almost everyone: bitcoin briefly dropped and recovered to $70,000, gold touched $5,400, oil surged, and the VIX held in the low 20s while equities finished roughly flat. 

In this episode of Bits + Bips, Austin Campbell, Ram Ahluwalia, and Chris Perkins discuss whether the market is correctly pricing this as a contained regional conflict, or is something larger being missed? What does crypto's stability in a weekend war say about its role as an asset class? And with the Clarity Bill stalling again over stablecoin yield, and Anthropic handing the Pentagon to OpenAI, is the window for principled positioning in both crypto and AI closing faster than anyone admits?

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