Crypto slides on Hormuz airstrikes as $897 million in long liquidations pile up
Bitcoin fell to April lows below $73,400 and Ether dropped below $2,000 after U.S. airstrikes in the Strait of Hormuz triggered inflation concerns and risk-off sentiment. Nearly $898 million in leveraged long positions liquidated in 24 hours. Ether's record open interest amid price weakness signals traders adding shorts. Eight billion in options expire Friday with bitcoin's max pain at $75,000.
Key takeaways
- 1Bitcoin fell below $73,400 and Ether dropped below $2,000 after U.S. Hormuz airstrikes triggered $897 million in long liquidations within 24 hours.
- 2Ether's record open interest of 16.39 million ETH ($32.61 billion) rose while price fell, signaling traders adding shorts anticipating deeper losses.
- 3Around $8 billion in Deribit options expire Friday with Bitcoin's max pain at $75,000, while put-call skew remains elevated at +12.3% one-week.
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Why it matters
Geopolitical tensions driving crypto selloffs signal rising correlation with traditional risk assets and inflation fears, affecting Indian retail investors' portfolio hedging strategies. Elevated liquidations and negative funding rates indicate leveraged traders are being flushed out, potentially setting up volatility scenarios ahead of major options expiry.
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