Bitcoin’s weekend sell-off wiped out the prior week’s gains as escalating geopolitical tensions rattled markets and triggered a wave of liquidations.
BTC fell 2.2% over the past 24 hours to $69,192, extending its weekly loss to 3.1%. The decline followed a sharp escalation from U.S. President Donald Trump, who issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz or face potential strikes on its power infrastructure.
Trump warned the U.S. would “hit and obliterate” Iran’s power plants—beginning with the largest—if shipping access through the key corridor is not restored.
The rhetoric marks a dramatic turnaround from Friday, when Trump had signaled a possible de-escalation. That abrupt shift caught markets off guard, reversing a week of growing optimism around easing tensions.
Liquidation data underscores how heavily traders were positioned for further upside. According to CoinGlass, total liquidations reached $299 million in the past 24 hours across more than 84,000 traders. Long positions accounted for $254 million, or roughly 85% of the total.
Bitcoin longs absorbed $122 million in losses, while ether longs lost $95.7 million. The largest single liquidation was a $10 million BTC-USDT position on OKX.
Altcoins declined in tandem with bitcoin. Ether dropped 1.8% to $2,114, XRP fell 2.5% to $1.41, BNB slipped 1.4% to $633, Solana lost 2.1% to $88.55, and Dogecoin declined 2.7% to $0.092. On a weekly basis, only ether and solana managed to remain slightly positive, while the rest of the major tokens were in the red.
With the 48-hour deadline set to expire Monday evening, markets remain on edge. If Iran fails to comply, the risk of strikes on energy infrastructure could intensify the conflict and drive further volatility.
The Strait of Hormuz continues to see limited commercial activity, with roughly 20% of global oil and gas flows still disrupted.
Last week’s rally to $75,912 now appears to have been driven by short-lived ceasefire expectations. Although the Federal Reserve maintained a dovish tone in its latest decision, persistent geopolitical risks are keeping traders cautious and limiting aggressive positioning.
