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Panic selling hit crypto markets as U.S.-Iran tensions spiked, triggering $1.8B in sell orders in just one hour.
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Bitcoin and Ethereum led $500M in liquidations, showing extreme trader risk aversion amid sudden geopolitical shocks.
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Polymarket users profited $1.2M predicting U.S. strikes, highlighting political events’ direct impact on crypto behavior.
Cryptocurrency markets faced sharp turbulence as U.S.-Iran tensions escalated, sparking panic selling across derivatives. CryptoQuant analyst Darkfost reported that within a single hour this morning, sell volume spiked by approximately $1.8 billion.
The appearance of aggressive sell orders indicates that traders are taking urgent measures against risk. The derivatives pressure indicator fell from 30% to 18%, reflecting a swift change in sentiment from bearish. As a result, the value of Bitcoin (BTC), Ethereum (ETH), and other top cryptos became more unstable.
The increase in sell orders indicates that geopolitics can instantly impact cryptocurrency markets. Apart from panic sales, positioning has become extreme, which is typically a precursor for a technical relief.
“Flows are driven more by emotion and risk management than by structural dynamics, requiring a cautious approach,” Darkfost explained.
Traders across the platforms had to adjust, leading to liquidations totaling close to $500 million in the past 24 hours, according to coinglass. BTC liquidations stood at $199.15 million, followed by ETH, which lost $134.75 million. Solana (SOL) and XRP also experienced heavy losses, totaling $29.64 million and $14.58 million, respectively.
Polymarket Bets Reflect Geo-Political Speculation
Meanwhile, political events influenced derivatives markets in unusual ways. Six Polymarket accounts earned approximately $1.2 million after correctly predicting that the U.S. would strike Iran on February 28, 2026, according to Bubblemaps.
These accounts, funded within the last 24 hours, bought “Yes” shares for the U.S. strike market just hours before explosions were reported in Tehran. One account purchased 560,000 shares at 10.8 cents, turning a profit of nearly $560,000. Another bought 150,000 shares at 20 cents, netting six figures. Trading volume on the Feb. 28 contract alone reached nearly $90 million.
This speculative activity coincided with U.S. President Donald Trump announcing major combat operations targeting Iran’s missile, naval, and nuclear infrastructure. Consequently, Bitcoin dropped while oil futures on Hyperliquid saw upward pressure. The situation illustrates how political developments directly affect trader behavior across multiple asset classes.
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