In the early hours of Friday(June 13, 2025), the cryptocurrency market experienced a sharp downturn triggered by geopolitical tensions after Israel launched a surprise military strike on Iran. The attack, which occurred before dawn, sent shockwaves across risk markets, with Ethereum (ETH) taking a particularly hard hit.
ETH Longs Wiped Out After Flash Crash Below $2600:.
On Binance, a sudden plunge in ETH price below the critical $2600 support level led to a cascade of long liquidations.
According to the attached liquidation heatmap, the most significant wipeouts were concentrated in the $2650–$2430 range, where late buyers had heavily opened long positions at $2800 expecting continuation of the previous bullish momentum.
As price rapidly dropped through these key zones, stop-losses and liquidation triggers were hit in succession, leading to a dramatic flush of leveraged positions.
Binance Bitcoin Funding Rates Mirror Panic: Traders Bet on Further Downside:.
* The market-wide panic didn’t stop at Ethereum. The unexpected nature of the geopolitical event caused a surge in risk-off sentiment, which accelerated selling across crypto assets.
* Interestingly, current Bitcoin funding rates on Binance have returned to the same deeply negative territory last seen on June 8.
Conclusion: Potential Price Recovery on the Horizon:
* While the market reaction to the Israeli strike on Iran triggered a wave of fear-driven selling and widespread liquidations, The return of Bitcoin funding rates to deeply negative levels, similar to those observed on June 8, may signal an overly bearish positioning among derivatives traders.
* Additionally, the liquidation of late ETH buyers may have flushed out excess leverage, providing a cleaner foundation for potential recovery.
Written by Amr Taha
