Bitcoin fell to $72,600 as nearly $935 million in leveraged crypto positions were liquidated across the market over the past 24 hours. The largest single wipeout was a $15.34 million BTC long on Hyperliquid. The report linked the sell-off to weaker risk appetite after U.S. military operations against Iran, which led traders to close leveraged positions and pushed prices lower.
Analyst Nicrypto said overnight U.S.-Iran tensions triggered broad liquidation of leveraged trades and accelerated the decline. The move spread well beyond Bitcoin. Major altcoins also posted steep losses, cutting roughly $80 billion from total crypto market capitalization. During the same stretch, liquidated ETH long positions reached $228.5 million.
Open interest contracts across major venues
Derivatives data showed the pressure clearly. According to CoinGlass, Bitcoin open interest dropped 9.8% on the Chicago Mercantile Exchange and 9% on BingX. A decline in open interest usually points to lower leverage, slower fresh participation, and weaker appetite for risk.
The article also referred to an earlier period this year, from January 14 to February 6, when a 30% decline in open interest coincided with a 38% fall in BTC price. Some analysts see that comparison as a sign that the current downtrend may still be in progress.
ETF withdrawals add to selling pressure
U.S. spot Bitcoin ETFs have now posted outflows for eight straight days, with total withdrawals reaching $2.6 billion. On Wednesday alone, the funds saw $733 million in outflows, the largest single-day ETF withdrawal recorded this year. On a global basis, Bitcoin investment products also registered $1.3 billion in outflows last week.
In spot trading, BTC fell 4% over 24 hours and slipped below the key $75,000 support level. The report said technical analysis points to $71,400 to $73,400 as a major support zone, and a break below that area could open the way toward $65,000. MN Capital founder Michael van de Poppe said this type of correction is common near month-end portfolio rebalancing by asset managers. Another analyst warned that losing $70,000 could trigger another round of heavy selling.
Traders are now watching the 100-day simple moving average near $73,000 and the accumulation area above $70,000. If demand fails to return there, pressure on Bitcoin may continue.