Bullish cryptocurrency bets liquidated for $595 million in the U.S. Bombs Iran Nuclear Sites
A surprise U.S. airstrike on Iranian nuclear facilities triggered a market-wide crypto crash, obliterating bullish positions on ETH, BTC, and other majors.
U.S. military airstrikes on Iranian nuclear sites led to $595 million in crypto long position liquidations.
Former President Donald Trump announced the strikes, which targeted major uranium enrichment facilities, causing turbulence in the global market.
More than 172,000 traders have been liquidated, with Ether and Bitcoin traders suffering the most significant losses.
Cryptocurrency bulls were caught off guard on Friday after the U.S. military launched airstrikes on key nuclear sites in Iran, triggering a massive sell-off and $595 million in long position liquidations.
The decision, announced by former President Donald Trump, saw bombers strike Fordow, Natanz, and Isfahan - three of Iran's major uranium enrichment facilities. The geopolitical shock shook global markets and sent crypto spiraling on Sunday.
In the last 24 hours, 172,853 traders have been liquidated, with total losses reaching $681.8 million, meaning that 87% of them come from long positions. Ether (ETH) traders took the biggest hit with $282 million in liquidations, followed by bitcoin (BTC) transactions at $151 million. Futures contracts tracking other majors, such as SOL, XRP, and DOGE, also faced heavy losses, with at least over $22 million in losses. Liquidation refers to the moment when an exchange forcibly closes a trader's leveraged position due to a partial or total loss of the trader's initial margin. This occurs when a trader is unable to meet the margin requirements for a leveraged position (does not have enough funds to keep the trade open). A cascade of liquidations often indicates market extremes, where a price reversal could be imminent as market sentiment swings in one direction.
Prices briefly plummeted before stabilizing. Bitcoin held near $102,000, while Ethereum traded just above $2,280, both down intraday but avoiding free fall.
Bybit and Binance accounted for two-thirds of all liquidations. And with the U.S. threatening 'much bigger strikes', traders are likely bracing for more volatility.
