US-Iran Strikes Knock Bitcoin to $72.8K; ETFs See $733M Outflows

U.S. airstrikes on an Iranian drone-control site near the Strait of Hormuz and a reported IRGC retaliation at a U.S. airbase in Kuwait pushed Brent crude above $96 per barrel and destabilized risk markets, sending bitcoin to an intraday low of $72,792 before a partial recovery to about $73,274.

The U.S. military confirmed F/A-18 jets struck the facility after reports that unmanned aerial vehicles were launched toward commercial vessels and U.S. assets. Brent futures rose nearly 5% on the escalation. Ethereum fell below $2,000 and other major tokens, including Solana, BNB, XRP, Cardano and Dogecoin, posted losses during the same period.

Volatility triggered large forced liquidations across cryptocurrency derivatives. Data from market trackers show roughly $930 million in liquidations over 24 hours across more than 166,000 accounts. Long positions accounted for about $870 million of the total; short positions made up roughly $60 million. Bitcoin-linked contracts absorbed more than $366 million in liquidations, while Ethereum traders lost about $240 million. The largest single recorded liquidation was a $15.34 million bitcoin swap on a decentralized exchange.

Institutional flows reflected the selling pressure. U.S. spot bitcoin ETFs logged $733.4 million in net outflows across 11 listed products in a single session. BlackRock’s iShares Bitcoin Trust led withdrawals with $527.82 million redeemed, followed by the Grayscale Bitcoin Trust at $104.76 million and Fidelity’s Wise Origin Bitcoin Fund at $60.30 million. Bitwise and Ark Invest funds each saw about $17.4 million in outflows. Morgan Stanley’s Bitcoin Trust recorded a $4.29 million inflow. The session extended an eight‑day streak of net redemptions from spot ETFs, bringing cumulative outflows to about $2.6 billion and reducing total U.S. spot ETF assets under management to roughly $97 billion.

On-chain indicators showed increased token supply available for trading and reduced stablecoin liquidity. Over a 30-day trailing period more than 103,000 BTC moved onto centralized exchanges, the largest inflow since spring 2025, while stablecoin balances on those platforms declined by about $153 million per day. Axel Adler, an on-chain analyst, wrote: “Two foundational flow metrics are simultaneously flashing warning signs.” Adler noted that more coins on exchanges increase immediate sell supply while falling stablecoin balances reduce ready buying power.

Other market analysts reported falling spot demand and a front-loaded risk premium after the geopolitical escalation. One on-chain analyst reported total monthly demand growth averaging -139,000 BTC. A research analyst at a blockchain intelligence firm observed that bitcoin absorbed roughly 5.5% of the risk premium priced into markets as prices moved from about $77,100 to the low $72,900s and pointed to exchange inflows as evidence of distribution pressure.

Amid the redemptions and liquidations, an institutional ether buyer executed a large block purchase. Ethereum treasury firm Bitmine acquired 111,942 ETH, equal to about $238 million. Market participants recorded the trade as a notable institutional purchase during the sell-off.

Traders cited logistical and security concerns around the Strait of Hormuz as a direct factor for higher oil risk premiums and the cross-asset sell-off. Analysts and on-chain data providers flagged exchange flows, stablecoin liquidity and ETF activity as metrics to monitor in the near term.