In the past 24 hours, crypto markets have been hit with over $1.14 billion in liquidations, with long positions taking the hardest hit, making up a solid 91% of the total. According to Coinglass data, this wave of liquidations came as Bitcoin took a nosedive, dropping over 5%, from a high of $108,000 on Thursday to a low of $103,000, all in the aftermath of Israeli airstrikes on Iran.
Now, I can't help but think: it's always the same story. Big news, big sell-offs. The largest single liquidation was a hefty $201 million BTCUSDT order on Binance. In total, Binance was responsible for $456 million in liquidations. Bybit and OKX followed up with $372 million and $126 million, respectively. That's a lot of money disappearing into the ether, no pun intended.
Bitcoin and Ethereum Take the Hardest Hits
Bitcoin and Ethereum were the real stars of the wipeout, with $444 million in Bitcoin liquidated and $291 million in Ethereum getting swept away. All of this chaos unfolded as Israel launched Operation Rising Lion, targeting Iranian military installations and uranium facilities, including the infamous Natanz site. Iran’s state media reported casualties, including senior figures from the Islamic Revolutionary Guard Corps and a well-known nuclear scientist.
What’s interesting here is the timing. I think this illustrates just how much global events are influencing the crypto market. The International Atomic Energy Agency (IAEA) is keeping a watchful eye on the aftermath, especially concerning the safety of nuclear inspectors. Meanwhile, Israeli authorities have declared a state of emergency as markets brace for potential retaliation.
Bitcoin’s price action? Well, it mirrored traditional risk assets, especially equities and commodities, which tend to react similarly during periods of geopolitical stress. While gold made a modest gain and oil prices surged more than 10% on fears of Gulf supply disruptions, Bitcoin couldn’t escape the wave of liquidations.
Despite Bitcoin’s reputation as a hedge against fiat instability and geopolitical turmoil, its behavior during a crisis clearly shows that it's still tethered to market liquidity and investor sentiment, even when things get really messy. It’s as if crypto still can’t completely break free from the traditional market’s influence.
GM!😅
— HodlFM Team (@Hodl_fm) June 13, 2025
Overnight, Israel launched strikes on Iran’s nuclear infrastructure.$BTC < $105,000$ETH < $2,500$SOL < $145 pic.twitter.com/kmKmyUNhmP
Over 246,000 traders were liquidated in just one day, highlighting the crypto market’s wild volatility, especially when geopolitical tensions are on the rise. I mean, honestly, when you see numbers like that, it really makes you question whether it's worth holding through all the chaos or just jumping ship.
Alex Shepel
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