Nearly $1 Billion in Crypto Liquidated as US Strikes Iran, Longs Wiped Out
Geopolitical tensions just torched nearly a billion dollars in crypto. Leveraged longs got absolutely crushed as US strikes in Iran sent risk assets reeling. Bitcoin and Ethereum bore the brunt of the carnage.
The market just got a brutal reminder that global events hit crypto hard. Nearly $1 billion in leveraged positions evaporated in 24 hours, with 93% of it being longs. This wasn't a subtle correction; it was a full-blown liquidation cascade wiping out 167,400 accounts.
Bitcoin and Ethereum were the primary targets of this flush. BTC saw over $363 million vaporized, while ETH liquidations hit $240 million. The pain was concentrated, with a single $15.34 million BTC long order being the largest casualty on Hyperliquid.
This bloodbath followed fresh US strikes inside Iran, shattering hopes of a ceasefire and sending oil prices soaring. The market had clearly bet on de-escalation, loading up on longs during the prior optimism. The geopolitical shockwave reversed that sentiment instantly.
Traders are now left to assess the damage and the next move. Funding rates and open interest will be key to watch. Are we seeing a reset, or just a reload for another long bet? The $70,000 BTC floor is now firmly in the crosshairs.