U.S. Strikes in Iran Trigger $934M Crypto Liquidations

U.S. strikes inside Iran triggered $934.24 million in crypto liquidations over 24 hours, erasing roughly 167,400 trader accounts as long positions made up 93% of the losses, CoinGlass data show. Bitcoin and ether fell sharply during the rout.

CoinGlass reported about $363 million in bitcoin liquidations and $240 million in ethereum. The largest single closure was a $15.34 million bitcoin long on Hyperliquid. Most liquidations hit leveraged long bets built during a recent ceasefire rally; short positions saw far fewer closures.

The sell-off began after U.S. Central Command confirmed strikes on Iranian targets, including the destruction of a ground control station at Bandar Abbas and strikes on four one-way attack drones near the Strait of Hormuz. The U.S. said the targets posed a threat to American forces and to maritime traffic in the strait. Iranian state media reported no casualties. Kuwait said it activated air defenses against incoming missiles and drones.

The strikes came days after both sides had suggested a framework for a ceasefire. President Donald Trump told a cabinet meeting that talks had stalled, saying Tehran was “negotiating on fumes” and warning the U.S. might “finish the job” if no agreement materialized.

Markets reacted beyond crypto. Bitcoin fell below $73,000 during the rout. Brent crude rose as traders priced in potential supply disruptions through the Strait of Hormuz. Equities and oil markets moved with increased volatility.

Derivatives books showed a strong long bias ahead of the liquidation event. CoinGlass reported longs made up 93% of total liquidations, reflecting added leverage on the long side during the prior week’s rally. Analysts noted bitcoin’s recent decline in leverage ratio had signaled relatively thin positioning before the strikes. Market participants said they will watch funding rates and open interest in coming sessions to determine whether sentiment is resetting or long positions are rebuilt.

The liquidation event follows an earlier cascade this year that removed roughly $1.7 billion in leveraged positions. For crypto markets, another headline-driven price move would test the $70,000 support level established after prior declines related to the Strait of Hormuz.