Renowned macro analyst Alex Krüger is pushing back on a comparison that has taken hold across desks since strikes involving Iran began: that markets are replaying the 2022 Russia-Ukraine shock, with crypto and Bitcoin in particular tracing an uncomfortably familiar pattern. Yes, the setups rhyme, Krüger wrote in a March 4 Substack note. But he argues the analogy breaks where it matters for Bitcoin: monetary policy and the persistence of the energy shock. “Markets are panicking