Bitcoin fell below the $77,000 mark on Monday after briefly topping $79,000 on Sunday evening, as renewed US-Iran military strikes rattled global markets and drove oil prices sharply higher. The risk-off move intensified after US forces struck two Iranian launchers on Larak Island, Iran retaliated against military targets in Jordan, and President Trump posted an AI-generated video depicting the destruction of Iran’s key Kharg Island oil region.
Brent crude surged nearly 3% to above $90 per barrel, reviving fears of another energy-driven inflation shock. The move compounded concerns following Federal Reserve Chair Kevin Warsh’s hawkish speech at Jackson Hole on Friday. Asian equities sold off, with Japan’s Nikkei down around 2% and the yen weakening past 160 against the dollar, while US and European futures also turned lower.
In crypto, Bitcoin dropped more than $2,000 to around $77,500, down about 2% over 24 hours. On-chain data showed market maker Wintermute transferred 5,100 BTC worth nearly $400 million to Binance over two days, likely for sale. A similar transfer last week preceded another leg down in BTC and altcoins. Ethereum fared worse, plunging from above $2,500 to under $2,400 in an hour after a whale or institution deposited almost 41,000 ETH, worth over $100 million, to exchanges, according to Lookonchain.
The sell-off triggered over $400 million in liquidations, wiping out more than 100,000 traders. ETH long liquidations reached almost $100 million versus $62.60 million for BTC longs, according to CoinGlass, with the largest single liquidation at $6.12 million on Aster.
Amid the weakness, decentralized exchange tokens outperformed. Uniswap and Curve rallied as traders rotated capital into DeFi sectors, showing continued selective risk appetite. Analysts highlighted $75,000 as key Bitcoin support; a break below could accelerate selling, while a rebound above $80,000 would signal renewed strength.
