Bitcoin dropped below the $70,000 mark and fell to an intraday low of $69,036. The move came after BTC traded near $72,000 before sliding through a key psychological level, leaving it down 2.5% over 24 hours. Ether also weakened, falling 4.4% to $2,066. The report linked the pressure to continued US-Iran tensions and an ongoing correction in US equities.
$332 million in liquidations hits leveraged longs
CoinGlass data showed total crypto liquidations reached $332 million in the past 24 hours, with long positions accounting for $293 million. By asset, ETH recorded the largest liquidation tally at $75.93 million, followed by BTC at $48.93 million. Over the past week, total liquidations topped $1 billion, and about 85% of that came from longs. The price decline was not unusually deep, but the wipeout in leveraged positioning was sizable.
Deribit faces a major $14.16 billion BTC options expiry
At 08:00 UTC, BTC options worth $14.16 billion are set to expire on Deribit, representing roughly 40% of total open interest. The report described it as one of the largest recent concentrated expiries. The max pain level stands at $75,000, a price that can matter for dealer hedging flows in the spot market.
Deribit’s chief commercial officer said implied volatility is declining and traders broadly expect the expiry process to remain “relatively controlled,” without extreme turbulence. A different view in the report warned that once the options expire, the gamma hedging effect that has been dampening volatility could fade. If geopolitical risks intensify, especially around the latest developments in the US-Iran conflict, BTC may face a more volatile trading environment. For now, the market is still waiting for direction.
Altcoins retreat as total market cap slips to $2.36 trillion
Major altcoins also moved lower. XRP traded at $1.35, down 3.48%, while SOL fluctuated in the $87 to $92 range and posted losses close to the broader market. Total crypto market capitalization fell to $2.36 trillion, a daily decline of 2.52%, showing that capital outflows have not yet eased.
Fear stays elevated while US stocks remain under pressure
The Fear and Greed Index came in at 13, staying in “extreme fear” territory for more than 46 consecutive days, the longest stretch since the FTX collapse. In traditional markets, the S&P 500 fell 1.74% to 6,477, while the Nasdaq dropped 2.38% to 21,408. The Nasdaq is now in correction territory, down more than 10% from its high.
The report said the US-Iran war has entered day 28, with Iran rejecting a US ceasefire proposal and rising oil prices adding to stagflation concerns. After the close, futures edged higher, with S&P futures up 0.16% and Nasdaq futures up 0.06%, as markets processed signals that the US had delayed strikes on Iranian energy facilities. For crypto traders, the next key test is how prices react after the options expiry and whether BTC can hold near the $69,000 area.