In the past 24 hours, over $1.14 billion in crypto market positions were liquidated, with long positions accounting for roughly 91 percent of the total, according to data from Coinglass.

The sharp unwinding came as Bitcoin dropped more than 5 percent from a local high of $108,000 Thursday to as low as $103,000, following Israeli airstrikes across Iran.

The largest single liquidation involved a $201 million BTCUSDT order on Binance. In total, Binance recorded $456 million in liquidations, with Bybit and OKX trailing at $372 million and $126 million, respectively.

Among assets, Bitcoin and Ethereum led the wipeout, with Bitcoin accounting for $444 million and Ethereum $291 million.

The events unfolded as Israel launched Operation Rising Lion, targeting Iranian military installations and uranium facilities, including the Natanz site. Iran’s state media reported the deaths of senior Islamic Revolutionary Guard Corps figures and a prominent nuclear scientist.

The International Atomic Energy Agency is monitoring fallout from the attack, including safety conditions for nuclear inspectors. Israeli authorities have declared a state of emergency as markets brace for potential retaliation.

Bitcoin’s reaction mirrored that of traditional risk assets. The benchmark crypto has been trading in correlation with equities and commodities, particularly during periods of geopolitical stress.

While gold gained modestly and oil prices surged more than 10 percent on fears of supply disruptions in the Gulf, Bitcoin saw sharp outflows amid liquidation cascades.

Despite long-standing narratives of Bitcoin as a hedge against fiat instability and geopolitical shocks, the asset’s behavior during acute crises remains tied to broader market liquidity and investor de-risking.

Over 246,000 traders were liquidated in the past day, reinforcing the volatile nature of crypto markets under geopolitical duress.