BTC futures liquidations hit $300 million after U.S. airstrikes in Iran drove oil above $100, triggering crypto market sell-offs.
Bitcoin fell below $80,000 after U.S. airstrikes in Iran sent oil prices briefly above $100, prompting a risk-off shift in crypto markets. Futures liquidations totaled $300 million as traders unwound leverage, with open interest dropping 1.5% and options flow favoring protective BTC puts.
The decline follows a broader rally from $65,000 in late March, though a drop below $75,000 could signal a return to prior trading ranges. Ether and altcoins also weakened, with ETH at $2,280 and others like XMR and DASH down 4-5%.
DeFi tokens bucked the trend, with ONDO rising over 8% after a cross-border U.S. Treasury redemption involving JPMorgan, Mastercard, and Ripple.