Crypto Shorts Lose $633M in 24 Hours as Bitcoin Tops $78K After Iran Says Strait of Hormuz "Fully Open"

Cryptocurrency markets saw close to $800 million in liquidations over the past 24 hours after Bitcoin jumped above $78,000 following Iran's declaration that the Strait of Hormuz is "fully open." CoinGlass data shows 178,154 traders were liquidated for a combined $796.57 million. Short sellers bore the brunt of the move. Short liquidations totaled $633.67 million, nearly four times the $162.86 million in long liquidations. By asset, $BTC liquidations reached $383.53 million, followed by $ETH at $180.17 million and $SOL at $20.72 million. The biggest single wipeout was a $15.75 million BTCUSD position on Hyperliquid. Funding rates had been deeply negative in the days leading up to the Hormuz announcement, leaving positioning heavily skewed to shorts and setting the stage for a squeeze after Iran's statement and Trump's confirmation.