An interesting event happened over the weekend—the decline in cryptocurrencies was not triggered by bears but by geopolitics. The US and Israel launched an attack on Iran, and Bitcoin literally dropped from 65.5k to 63k in just an hour. Ether fell approximately to $1850. By the time most traders woke up, $75 billion had already evaporated from the total crypto market capitalization.

Liquidations were brutal—over 154,000 positions closed within 24 hours, with liquidation volume reaching $522 million, of which $449 million were long positions. The largest single liquidation was for 11.17 million BTC.

But what truly reveals the picture is the derivatives data. The volume of BTC futures reached $76.27 billion in a day, while spot trading was only $7.62 billion. This is not organic selling—it's forced liquidation of leveraged positions. Pure market mechanics.

Interestingly, history shows a pattern. In June 2025, when Israel struck Iranian nuclear sites, BTC dropped to 103k. By October, it rose above 125k. In April 2024, when Iran launched missiles, Bitcoin fell to 61k, then broke previous highs. Military downturns have historically acted as springboards.

But this time, the situation is different. The market was already broken going into this hit. Bitcoin fell nearly 50% from the October 2025 peak of 126k. The fear and greed index is at 14—deeply extreme fear. Most critically, spot BTC ETFs in the US turned into net sellers in February 2026, reversing last year's trend when they bought 46,000 BTC.

On Deribit, the 60k put remains the largest position—over 5,200 BTC. The 55k put is close behind with 4,657 BTC. Over the past 24 hours, put volume slightly exceeded call volume—50.85% versus 49.15%. Major players are clearly betting on further crypto decline.

Nevertheless, there is one signal not to ignore. Net flows from exchanges show about 522 BTC leaving platforms—this is a sign of accumulation, even as retail panics. Someone is actively buying what others are panic-selling.

Technically, the key level now is 63.1k—there is support in the descending channel. A break below would open the door to 60k. Above, 73-74k remains a serious resistance. At current prices around 66.62k, the situation remains uncertain. The pattern hints at a rebound, but the structure calls for caution. What will win likely depends on Iran’s next move and how the market responds to it.