Bitcoin came under heavy selling pressure after the United States and Israel launched a joint military campaign against Iran under the name Operation Shield of Judah. BTC briefly dropped to around $63,000, down nearly 5% on the day, while on-chain analyst Darkfost said Bitcoin sell volume surged by about $1.8 billion within one hour during the conflict.
The strikes took place on Saturday the 28th. US President Donald Trump said American forces had begun a “large-scale and ongoing” military operation against Iran. At the same time, Israeli Defense Minister Israel Katz announced a preemptive strike. Reports from Al Jazeera and other international outlets said the attacks targeted five cities: Tehran, Isfahan, Qom, Karaj, and Kermanshah.
Strikes and retaliation expanded within hours
One of the reported targets was near the office of Iran’s Supreme Leader Ali Khamenei, in an area that includes the presidential compound and the National Security Council. Iranian state news agency ISNA said the first wave of airstrikes caused casualties among members of the Revolutionary Guard. Israel then declared a nationwide state of emergency.
Roughly two hours later, Iran’s Revolutionary Guard announced the first wave of retaliatory missile and drone launches toward Israel. Explosions were then reported in northern Israel, and air defense systems were activated. The tension spread across the Gulf as well. Bahrain said the headquarters of the US Fifth Fleet in the country had been hit by missiles, while Qatar sounded air defense alarms. CNBC, citing people familiar with the matter, reported that the operation was expected to last several days, with Israeli forces focused on Iran’s missile program facilities.
Gold and oil rose while crypto sold off
Traditional safe-haven assets moved sharply higher as geopolitical risk intensified. Gold climbed above $5,500 per ounce, bringing its gain since the start of the year to more than 20%. Brent crude moved above $71 per barrel. Markets were also watching the Strait of Hormuz, a route that carries about 20% of global oil shipments, on concerns that it could be blocked.
Crypto assets moved in the opposite direction. Ether fell 6.2%, Solana dropped 6.7%, and XRP lost 4%. The total crypto market shed about $75 billion in value within one hour.
Leveraged longs were hit by liquidations
CoinGlass data showed that about $209 million in long positions were forcibly liquidated in just one hour. Over the past 24 hours, more than 152,000 traders were liquidated, with total liquidations reaching $515 million. Because Bitcoin trades around the clock and remains one of the few highly liquid assets available on weekends, it often becomes a channel for fast risk-off flows when traditional markets are closed.