For the first time in a geopolitical crisis, bitcoin held its ground while safe havens faltered. But can it keep holding if the VIX moves from yellow to red?
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The Strait of Hormuz is closed. Oil is past $100 a barrel. The traditional safe haven playbook, from treasuries to gold, is failing to perform the way it should. And yet bitcoin is up 4% since the conflict started, holding steady in a tight range that Andy Baehr, newly installed as managing director of asset management at GSR, calls "base camp." 
What signals should investors watch to know if the next move is up or down? Why does the VIX suggest calm when the world feels anything but? And why might the tokenization boom be built on demand that doesn't exist yet? 
Baehr, who spent years constructing the crypto index ecosystem at CoinDesk, brings a structural lens to a market moment where nothing is where it should be.

Host:
<ul>
 <li>
<a href="https://x.com/Steven_Ehrlich">⁠⁠</a><a href="https://x.com/Steven_Ehrlich">Steven Ehrlich</a>, Host of Bits + Bips: The Interview</li>
</ul>
Guest:
<ul>
 <li>
<a href="https://www.linkedin.com/in/andrewbaehr">Andy Baehr</a>, Managing Director of Asset Management, GSR</li>
</ul>

Links:
Bitcoin = Safe Haven
<ul>
 <li>
<a href="https://www.fool.com/investing/2026/03/13/is-bitcoin-now-a-safe-haven-asset-if-so-then-it-co/">Is Bitcoin Now a Safe-Haven Asset? If So, Then It Could Be Hugely Undervalued at Just $70,000</a>
</li>
 <li>
<a href="https://www.tradingview.com/news/cointelegraph:bdabbf965094b:0-how-bitcoin-and-gold-reacted-differently-to-the-iran-war-shock/">How Bitcoin and Gold Reacted Differently to the Iran War Shock</a>
</li>
</ul>
Hyperliquid Oil Perps
<ul>
 <li>
<a href="https://www.wsj.com/finance/commodities-futures/oil-futures-perpetual-contracts-d5496e5a?gaa_at=eafs&gaa_n=AWEtsqdimMRtFndy05K5lM7Tm-Vy0pOfB4LDLxCWoBDVyYqdrmVoVSvgTeeJDsqTHjU%3D&gaa_ts=69b71d66&gaa_sig=hlvD-4XClmtdPxJG8RXGgVpC1IynXwwvgAgVkwT5lb4UxtcPlPjqChlPi8F1m3T_ACurteVTEE16AEn0fCEzzQ%3D%3D">The Hottest New Crypto Trade Is 24/7 Oil Futures</a>
</li>
 <li>
<a href="https://www.bloomberg.com/news/articles/2026-03-07/crypto-markets-track-war-risk-as-iran-conflict-endures?embedded-checkout=true">Crypto Markets Track War Risk as Iran Conflict Endures</a>
</li>
</ul>
Tokenization
<ul>
 <li>
<a href="https://www.coindesk.com/business/2026/03/14/wall-street-pushes-tokenized-stocks-but-institutions-aren-t-eager-to-trade-them">Wall Street Pushes Tokenized Stocks, but Institutions Aren’t Eager to Trade Them</a>
</li>
 <li>
<a href="https://www.wsj.com/finance/stocks/nasdaq-partners-with-kraken-in-tokenization-push-135e8112?gaa_at=eafs&gaa_n=AWEtsqcMCR4nY4rE_V-e6eCQ0cNfqJgMyVOlTw-V-ElLc2EP1pAyAVbnt2zAVbXndfg%3D&gaa_ts=69b71d92&gaa_sig=oXouAaHcqojqo7oG3BLyqSYFhvsj6-P6hYkAgXjYtqRu58eydqVkvGiyXLbuE2laRpyWWMBklqqU8F5fi6b8Ng%3D%3D">Nasdaq Partners With Kraken in Plan for 24/7 Tokenized Stock Trading</a>
</li>
</ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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