Just saw the details of this crypto market pullback—yeah, it’s pretty intense. Over the weekend, the situation in Iran suddenly heated up. Trump issued a 48-hour ultimatum, demanding the opening of the Strait of Hormuz, or else he would bomb energy facilities. Once the news hit, Bitcoin plunged straight from $75,912 last Friday to over $69,000, giving back most of last week’s gains overnight.

The market reaction was indeed fierce. In 24 hours, the close-out amount reached $299 million, of which longs accounted for around 85%—meaning roughly $254 million were long liquidations. Bitcoin longs alone lost $122 million, and Ethereum longs also lost $95.7 million. It looks like the market was already broadly bullish before the weekend, building up a lot of one-way bets. Ethereum fell to $2,114, XRP dropped to $1.41, Solana slid to $88.55, and almost all major coins moved down collectively at roughly the same time.

The question now is that this 48-hour deadline expires on Monday night. If Iran doesn’t back down—which doesn’t seem very likely—then there really could be the first wave of strikes directly targeting civilian energy facilities. This geopolitical risk directly outweighs last week’s relatively mild stance from the Federal Reserve. What’s interesting is that last Friday Trump was still saying he was considering “de-escalating” military actions, but 24 hours later he changed his wording. The market was caught off guard by this rapid turn, and now everyone is waiting for Monday’s open. From the data, the futures trend over the weekend can basically predict the direction of Monday’s traditional markets, so this sell-off may continue to spread.