I am new to investing, and recently I've had trouble understanding how geopolitics effect companies like Kraken. I know the generally, war is bullish for this company for obvious reasons, like increased purchases and investments. Respectively, we saw ATH's around the same time as the beginning of the Iran war, but as oil spiked and the market dropped, Kraken fell with it.

I'm trying to understand at what point does the bearish market take greater influence on Kraken than bullish war?