Bitcoin dropped below $80,000 late Thursday after fresh US airstrikes in Iran rattled risk markets and pushed Brent crude briefly above $100. The move triggered heavy crypto futures liquidations, with nearly $300 million in leveraged bets wiped out over 24 hours. Long traders carried most of the losses as the market pulled back from recent gains.
The decline came as traders were already cautious. Strategy chairman Michael Saylor said the company could consider selling Bitcoin to cover dividend payments from STRC. That marked a shift from its earlier ‘never sell’ stance.
Meanwhile, Ether traded at $2,280 after losing 0.2% since midnight UTC and about 2% over 24 hours. Other altcoins also weakened, with Monero and Dash falling between 4% and 5%.
Bitcoin’s move below $80,000 did not erase its wider recovery from late March. The asset had climbed from around $65,000, keeping its broader rebound intact.
Still, traders continue to watch the $75,000 level closely. A break below that area would cancel the recent pattern of higher lows. It would also signal a return to the earlier trading range.
The latest futures data showed clear deleveraging after the overnight drop. Cumulative industry notional open interest fell more than 1.5% to $131.5 billion. At the same time, trading volume declined more than 12% to $191 billion.
This shift showed that traders reduced exposure after Bitcoin lost momentum. Many had entered the weekend positioned for further gains. Instead, the market weakness forced rapid exits.
A key question now is whether Bitcoin can hold above its recent structure, or whether fresh selling pushes it back toward the old range.
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Earlier liquidation data showed another pressure point across the derivatives market. Bitcoin, Ethereum, and Toncoin accounted for most forced position closures in one snapshot totaling $91.55 million.
Bitcoin recorded about $31.84 million in liquidations, with shorts making up 53.57% of that figure. Ethereum followed with $30.36 million, where shorts accounted for 55.12%.
Toncoin posted the most extreme imbalance. TON saw $29.35 million in liquidations, with shorts representing 97.74% of the total. That showed strong pressure on traders betting against the asset.
At the same time, TON stood apart in open interest trends. While open interest declined across most major tokens, TON’s open interest rose by 6%. DOGE saw the sharpest drop among top 10 coins, with open interest falling more than 4%.
These figures point to a divided market. Bitcoin and Ether showed reduced positioning, while TON continued to attract fresh derivatives exposure.
The options market also showed a shift in trader positioning. On Deribit, the most active contract over 24 hours was a BTC $105,000 call option expiring June 26. Even so, the top five traded contracts now include put options at $80,000, $75,000, and $60,000 strikes. This marked a clear change from the previous three sessions, when call options led trading.
That shift showed growing demand for downside protection after Bitcoin’s drop. Traders moved from upside-focused positioning toward contracts tied to lower price levels.
For the second straight day, OI-adjusted cumulative volume delta stayed negative for most major tokens. This indicated traders used market orders to short more aggressively instead of placing passive limit orders.
Despite the volatility in positioning, Bitcoin’s annualized 30-day implied volatility index, BVIV, remained near 40%. That was its lowest level since late January, showing market calm ahead of the US nonfarm payrolls report.
Crypto liquidations rose sharply as Bitcoin fell below $80,000 and traders cut leveraged exposure. Long positions took most of the losses, while TON showed unusual short pressure. Traders should watch Bitcoin’s $75,000 level and shifting derivatives flows for the next market signal.