US airstrikes on Iranian targets near the Strait of Hormuz sent crypto markets into a tailspin Thursday, triggering $934.24 million in liquidations over 24 hours. Bitcoin briefly fell below $73,000 as the sell-off accelerated. Roughly 167,400 trader accounts were wiped out, with 93% of them holding long positions.
The liquidation cascade by the numbers
Bitcoin longs accounted for $363 million of the total. Ethereum followed at $240 million. The single largest liquidation order hit Hyperliquid — a $15.34 million BTC long. The speed and size of the flush caught leveraged traders off guard, especially after a relatively calm few weeks in spot markets.
This isn't the first wave this year. A $1.7 billion liquidation cascade earlier in 2026 showed how quickly leverage rebuilds in crypto. Thursday's event suggests the pattern is still intact: a geopolitical shock, a sharp price move, and a lot of levered positions getting swept.
What triggered the move
The US Central Command confirmed strikes that destroyed Iranian drones and a ground control station near the Strait of Hormuz. Kuwait activated air defenses against incoming missiles and drones during the escalation. Iranian state media reported no casualties.
President Trump said talks with Iran had stalled and warned the US might 'finish the job' if no agreement emerged. The administration has also expanded pressure through 'Operation Economic Fury', a campaign targeting Iran's digital asset network. Brent crude oil prices rose as traders priced in supply risks around the strait — a choke point for global energy shipments.
Leverage rebuilt, then blown out
The crypto market had been quietly adding leverage in the weeks before the strikes. Open interest on major exchanges climbed, and funding rates turned positive again. Thursday's flush reset much of that — at least for now. The question is whether the geopolitical situation stabilizes or escalates further.
Trump's warning and the ongoing Operation Economic Fury suggest the pressure on Iran isn't easing. If digital asset networks remain in the crosshairs, crypto traders may need to factor in more than just rate decisions and ETF flows.
