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More than 1.1 Billion USD Liquidated Amidst the Middle East Conflict with BTC, ETH Affected
According to data from Coinglass, over 1.14 billion dollars in positions in the crypto market have been liquidated in the past 24 hours, with long positions accounting for about 91 percent of the total.
The sharp decline occurred as Bitcoin dropped more than 5 percent from a high of $108,000 on Thursday to a low of $103,000, following Israel's airstrikes on Iran. The largest liquidation event involved a BTCUSDT order worth 201 million dollars on Binance. In total, Binance recorded 456 million dollars in liquidations, while Bybit and OKX recorded 372 million dollars and 126 million dollars, respectively. Among the assets, Bitcoin and Ethereum lead in the decline, with Bitcoin accounting for 444 million and Ethereum accounting for 291 million.
Events occurred when Israel launched Operation Rising Lion, targeting military facilities and uranium sites in Iran, including the Natanz location. Iranian state media reported the deaths of senior figures from the Islamic Revolutionary Guard Corps and a prominent nuclear scientist. The International Atomic Energy Agency is monitoring the aftermath of the attack, including safety conditions for nuclear inspectors. The Israeli government has declared a state of emergency as the crypto market prepares for the possibility of retaliation. Bitcoin's reaction reflects the reaction of traditional risk assets. The benchmark cryptocurrency has traded in correlation with stocks and commodities, especially during times of geopolitical tension. While gold prices rose slightly and oil prices increased by more than 10 percent due to concerns about supply disruptions in the Gulf region, Bitcoin saw a strong outflow of funds amidst a wave of liquidation. Despite long-standing stories about Bitcoin as a hedge against fiat instability and geopolitical shocks, the behavior of this asset during severe crises remains tied to the liquidity of the broader market and investors' risk mitigation. More than 246,000 traders have been liquidated in the past day, reinforcing the unstable nature of the crypto market under geopolitical pressure.