According to CoinMeta, the Swiss National Bank continued to sell Swiss francs in the second quarter of 2026 in order to hedge against the inflow of safe-haven funds. Data shows that between April and June this year, the bank purchased foreign exchange worth 1.4 billion Swiss francs (about 1.7 billion US dollars), which is lower than the 3.9 billion Swiss francs in the first quarter. This situation indicates that during the Iran war, safe-haven funds continued to flow into Switzerland, driving up the value of the franc and forcing the Swiss National Bank to intervene. At the beginning of the conflict, the franc appreciated significantly, prompting the Swiss National Bank to issue a statement in March indicating that it had increased its readiness for intervention. In the second quarter, the exchange rate of the franc against the euro remained relatively stable, with both the beginning and end of the quarter at around 0.92 Swiss francs per euro. Since July, the franc has weakened significantly, with a cumulative decline of about 2.4%.