More probably it’s like Fate/Zero’s interpretation of Gae Dearg. Long story short, it disrupts/bypasses magic (in a general sense), which would make it…I think the third known ‘anti-magic’ artifact we’ve seen thus far. The other two of course being the glaive that separated the former Fire Magi from his power, and the whip which Lien discovered basically releases a magical EMP when cracked.