On Monday, there was wild volatility in the crypto market. After Trump announced he would delay an attack on İran enerji santralleri by 5 days, Bitcoin rapidly surged from $67,500 to above $71,200. What happened then? Iran immediately denied it, saying there was no communication with Trump. At that moment, the market reversed.

Looking clockwise, within this four-hour fluctuation, positions worth $415 million were liquidated. Short positions were cleared at the $280 million level, and long positions at the $135 million level. Investors had taken long positions thinking the war would be postponed based on Trump’s news, but when the news turned out to be false, they were caught. A $1,200 pullback in Bitcoin was enough.

When you look at the liquidation list, Bitcoin led with $140 million, and Ethereum with $120 million. Oil futures on Hyperliquid also lost $64 million. In an environment dominated by derivative markets, each headline can punish leveraged players in both directions. The net move wasn’t actually very large, but because of liquidation chains, the damage was enormous. On Monday evening, Bitcoin closed around $70,000—meaning the day ended with a 2.3% increase—but in the meantime, millions disappeared.