On June 13, 2025, the cryptocurrency market witnessed a sharp sell-off after rising tensions between Israel and Iran. Reports confirmed Israeli airstrikes on Iranian nuclear facilities, raising concerns in global markets, and cryptocurrencies were not spared from this shock. This geopolitical shock led to the liquidation of over 1.14 billion US dollars from leveraged cryptocurrency positions within hours. Among alternative currencies, Ethereum (ETH) and Cardano (ADA) experienced some of the steepest losses.