Crypto Liquidations Hit $495 Million Amid Iran’s Attack on Israel

Following Iran’s strike on Israel, the crypto market witnessed nearly half a billion in liquidations and turned the overall market sentiment bearish. On October 1, 2024, according to local news media, Iran fires hundreds of ballistic missiles over Israeli cities, resulting in a bloodbath in the crypto market.

Crypto Market Bleed $495 Million

Amid the strike, over 160K crypto traders liquidated a significant $495 million in both long and short positions. However, the single largest liquidation, amounting to $12.66 million, occurred on Binance in the BTCUSDT pair. 

Out of the $495 million in liquidations, bulls liquidated nearly $416 million in long positions, while short sellers faced $78 million in short position liquidations. This massive liquidation hints at fear and a further price decline as bears begin to dominate the market. 

Major Cryptocurrencies Hit

According to CoinMarketCap data, major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have experienced a price decline of over 1.85%, 3.2%, 4.5%, and 3.4%, respectively, over the last 24 hours. However, major price declines appeared following the Iran strike.

Ethereum Whale Profits Amid Decline

Amid the bearish market sentiment, the on-chain analytics firm Lookonchain recently made a post on X (previously Twitter) that an Ethereum whale sold 29,480 ETH worth $76.8 million at an average price of $2,605, making a profit of $2.34 million. This suggests that the whale may have been aware of the impending price decline before the market actually dipped.

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Current Price Momentum

At press time, ETH is trading near the $2,480 level and has experienced a price decline of over 3.5% in the past 24 hours. During the same period, its trading volume jumped by 45%, indicating higher participation from traders and investors.

Additionally, ETH’s future open interest has declined by 4.5% in the past 24 hours, indicating the liquidation of traders’ positions, and there has been hesitation to build new ones due to fear in the market.