A sharp Bitcoin roller coaster triggers $415 million in liquidations for leveraged positions.

Bitcoin endured a sharp, headline-driven swing on Monday, jumping from $67,500 to $71,200 before slipping back toward $70,000 as conflicting developments around U.S.-Iran tensions shook markets.

The rally was triggered after U.S. President Donald Trump said he had ordered a five-day delay on planned strikes against Iranian power facilities, pointing to “very good and productive conversations” between the two sides. The comment sparked a rapid surge across crypto assets.

Momentum quickly reversed after Iran dismissed the claim. Fars News Agency reported there had been no communication with Trump, adding that the U.S. stepped back after warnings of retaliatory strikes targeting energy infrastructure across West Asia. Bitcoin fell about $1,200 within minutes of the report.

The whipsaw move led to heavy liquidations across derivatives markets. According to CoinGlass, more than $415 million in leveraged positions were wiped out within four hours, including $280 million in shorts and $135 million in longs—suggesting traders were initially positioned for escalation before being caught off guard.

Bitcoin accounted for roughly $140 million of those liquidations, while ether saw about $120 million. On Hyperliquid, Brent oil contracts recorded around $64 million in liquidations, largely from long positions. Tokenized gold and silver also posted losses of $20.9 million and $19.8 million, respectively.

Oil trades were particularly skewed, with most losses concentrated on bullish bets tied to expectations of imminent escalation following Trump’s earlier ultimatum. The sudden shift to a delay left those positions exposed.

Earlier in the day, Bitcoin had been trading in a narrow $67,500–$68,500 range during the Asia session. It then surged nearly $3,700 within an hour on Trump’s post before giving back a portion of gains after Iran’s denial.

By Monday evening, Bitcoin was holding near $70,000, up about 2.3% on the day, but still within a range shaped by rapid, news-driven volatility.

The session highlights a dynamic previously flagged by Binance data: when derivatives volumes significantly exceed spot trading, markets become more reactive to headlines. This often leads to liquidation cascades in both directions—short squeezes on bullish news followed by long liquidations when sentiment reverses.

While Bitcoin’s overall daily move remained relatively contained, leveraged traders bore the brunt of the turbulence.

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