BTC drops below $70,000, long positions wiped out with $300 million liquidated, $14.16 billion options expiring today test the market direction

Bitcoin drops below the $70,000 level, reaching a low of $69,036. Over the past 24 hours, long positions have been liquidated for as much as $193 million, with ETH leading at $75.93 million; Deribit today has $14.16 billion in BTC options expiring, with the maximum pain point at $75,000, as the market awaits a clear direction.
This is Morning Crypto Market Briefing from Dynamic Zone, with data from CoinGlass, TradingView, Deribit.
(Previous update: Bitcoin rebounded to $72,000 and held steady, Middle East tensions eased, with liquidations only at $152 million, but market sentiment remains extremely fearful.)
(Additional background: Bitcoin rose back to $70,800, with 87,000 liquidations totaling $230 million, and “Extreme Fear” for 46 consecutive days—the longest since the FTX collapse.)

Table of Contents

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• $248 million liquidated in 24 hours, ETH longs hit hardest
• $14.16 billion in options expiring today, max pain at $75,000
• SOL and XRP decline together, total market cap shrinks to $2.36 trillion
• Fear Index hits bottom at 10, US stocks remain under correction pressure

Yesterday, Bitcoin fell from a high near $72,000, breaking below the psychological $70,000 level, with a low of $69,036, a 2.5% drop. Ethereum also plunged 4.4%, trading at $2,066. Ongoing US-Iran tensions and a stock market correction have added pressure to the crypto market, spreading panic.

$248 million liquidated in 24 hours, ETH longs hit hardest

According to CoinGlass, total market liquidations over the past 24 hours reached $248 million, with longs accounting for $193 million, and shorts $55 million, making longs the biggest losers again. Among cryptocurrencies, ETH had the highest liquidation at $75.93 million, followed by BTC at $48.93 million. Over the past week, liquidations exceeded $1 billion, with 85% of that in long positions, showing intense market clearing of longs.

$14.16 billion in options expiring today, max pain at $75,000

At 08:00 UTC today, Deribit will see $14.16 billion worth of BTC options expire, accounting for about 40% of open interest, marking the largest concentrated expiry recently. The max pain point is at $75,000, indicating market makers’ delta hedging may push the spot price toward this level.

Deribit’s Chief Commercial Officer (CCO) noted that implied volatility is decreasing, and traders generally expect the expiry process to be “relatively controlled,” with no major turbulence. However, analysts warn that after expiry, the “gamma hedging effect” that suppresses market volatility will disappear, and geopolitical risks—especially the latest developments in US-Iran tensions—could expose BTC to more extreme swings. Until the direction is clear, the market may remain cautious.

SOL and XRP decline together, total market cap shrinks to $2.36 trillion

Altcoins generally follow the downward trend. XRP is at $1.35, down 3.48%; SOL fluctuates between $87 and $92, with declines similar to the broader market. The total crypto market cap has fallen to $2.36 trillion, a 2.52% decrease in one day, continuing the outflow of funds.

Fear Index hits bottom at 10, US stocks remain under correction pressure

The Fear & Greed Index is at 13 today, remaining in “Extreme Fear” for over 46 days—setting the longest streak since the FTX collapse. In traditional markets, US stocks continue to face pressure: S&P 500 down 1.74% to 6,477 points; Nasdaq down 2.38% to 21,408 points, entering correction territory (more than 10% off recent highs). Factors include the 28th day of US-Iran conflict, Iran rejecting US ceasefire proposals, and soaring oil prices fueling stagflation fears. After-hours futures show slight rebounds (S&P +0.16%, Nasdaq +0.06%), as markets digest signals that Trump may delay strikes on Iranian energy facilities.

Looking ahead, the post-expiry trend of options will be a key focus—if geopolitical risks continue to escalate and US stocks fail to stabilize, whether BTC can hold the $69,000 support will determine the short-term bullish or bearish trend.