According to CoinGlass, as of 8:35 a.m. on May 8 (Korean time), digital asset long positions worth $267.96 million (approximately 3,906.8 billion Korean won) were liquidated within the past 24 hours. This is the largest liquidation event in 9 days, after a similar spike occurred on April 29. The liquidations took place as military tensions near the Strait of Hormuz flared up again. According to CNN, on May 7 (local time), U.S. and Iranian forces exchanged fire in the area. The U.S. Central Command confirmed that, in response to missile and drone attacks launched by Iran on U.S. warships passing through the strait, it carried out defensive airstrikes. During the same period, Bitcoin fell 1.74% to $80,000; Ethereum, XRP, and Solana declined by 2.54%, 2.65%, and 0.83%, respectively.