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Cryptocurrency traders lost $595 million in a weekend bloodbath triggered by surprise U.S. airstrikes on Iranian nuclear facilities. The selloff came as Bitcoin plunged below $100,000 for the first time in over a month.
President Donald Trump announced late Saturday that American forces bombed three key Iranian nuclear sites in “Operation Midnight Hammer.” The strikes targeted facilities at Fordow, Natanz, and Isfahan.
Crypto markets reacted instantly to the geopolitical shock. Traditional financial markets remained closed for the weekend, making digital currencies the first responders to the crisis.
Bitcoin dropped 4% to $99,300 by Sunday morning. Ethereum suffered worse damage, falling 9% to $2,185—its lowest level since May. The broader crypto market shed $40 billion in value within hours.
Leveraged positions wiped out
The carnage extended far beyond price drops. Nearly 173,000 traders saw their leveraged positions liquidated, according to Coinglass data. Long positions accounted for 87% of the $595 million in forced closures.
Ethereum traders bore the heaviest losses. ETH liquidations reached $282 million, while Bitcoin-tracked trades lost $151 million. Other major cryptocurrencies, such as Solana, XRP, and Dogecoin, each suffered over $22 million in liquidations.
Bybit and Binance handled two-thirds of all liquidations during the market chaos.
After 6 weeks above $100K, Bitcoin has plunged below key support as U.S. strikes on Iran’s nuclear sites spook global markets, said Himanshu Maradiya, Founder & Chairman of CIFDAQ.
Market recovery attempts
Bitcoin has since clawed back above $100,000 as trading volumes surged. Daily volume jumped 75.8% to more than $48.4 billion, suggesting some investors are buying the dip.
The recovery remains fragile. Iran has threatened retaliation and warned it could close the Strait of Hormuz, a critical shipping route for global oil supplies. Such action could push oil prices to $120-$130 per barrel, potentially reigniting inflation fears.
“With long-term holders stepping in and short-term traders pulling back, we might be near a market bottom,” said Edul Patel, CEO of Mudrex. “The $100K level remains a key psychological and technical support.”
Despite retail panic, institutional investors seized the opportunity. Japanese firm Metaplanet purchased 1,111 Bitcoins during the selloff. BlackRock’s spot Bitcoin ETFs accumulated 11,638 BTC this week against the average mining output of just 3,150 BTC.
The crypto crash demonstrates how digital assets now serve as real-time gauges for global risk appetite. With 24/7 trading and no market closures, cryptocurrencies often telegraph geopolitical tensions before traditional markets can react.
Analysts warn further declines toward $92,000 remain possible if Middle East tensions escalate. The speed of diplomatic resolution will likely determine whether Bitcoin maintains its hard-won $100,000 psychological floor.
