This weekend has been really brutal for crypto holders. Bitcoin suddenly dropped from $75,912 last week to $74.28K in a short time after Trump's 48-hour ultimatum to Iran regarding the Strait of Hormuz. If that ultimatum isn't met by 8 a.m. Monday, the market could face the worst-case scenario—an immediate attack on civilian energy infrastructure.

What’s shocking is that the liquidation ratio is extremely high. Data shows about $299 million positions liquidated in a single day, with 85% of them being long positions. Just Bitcoin longs lost $122 million, and Ether lost $95.7 million. It’s clear the market was overly bullish heading into the weekend after eight consecutive days of gains, making it vulnerable to news shocks like this.

All major tokens fell together. Ether dropped to $2.33K, XRP to $1.36, BNB weakened to $615.50, Solana fell to $83.40, and Dogecoin to $0.09. Only Ether and Solana are still up this week, but very slightly. The rest have been red for the past seven days.

What’s interesting is that Bitcoin’s funding rate on several platforms has remained negative for 46 days, even though open interest has increased. This indicates that bearish sentiment is still strong despite the price breaking above $76,000 two months ago. The Fed is dovish on interest rates, but these geopolitical risks make traders cautious. The largest recorded liquidation was a swap worth $10 million on one major exchange. So basically, everyone is waiting to see what happens at 8 a.m. Monday—this could be a turning point or the start of even crazier volatility.