Crypto Markets Lead Global Sell-Off After Iran Strikes

Market Highlights

• Crypto markets led the global reaction to U.S. airstrikes on Iranian nuclear sites, triggering over $1 billion in liquidations.
• BTC dropped below $100,000 for the first time in over six weeks.
• ETH, DOGE, ADA, and SOL each posted steep double-digit declines.
• The U.S. Senate passed the landmark Genius stablecoin bill.
• Spot crypto ETF approval odds surge as analysts grow increasingly optimistic.

Market Overview

Crypto markets sold off sharply over the weekend as tensions in the Middle East escalated following U.S. military strikes on Iran. The coordinated attacks targeted three key nuclear sites - Fordow, Natanz, and Isfahan - and were described by U.S. President Donald Trump as “very successful.” In a follow-up statement on Truth Social, Trump signalled potential support for regime change in Iran, further stoking global uncertainty.

The strikes triggered a broad risk-off move across financial markets, with crypto markets reacting first due to their 24/7 nature. More than $1 billion in long positions were liquidated within 24 hours. Data from Coinglass indicates these figures may underrepresent the true scale of market damage, as they only capture publicly reported positions.

With traditional markets reopening amid rising geopolitical risks, volatility is expected to remain elevated across crypto in the near term.

Bitcoin (BTC)

Bitcoin (BTC) opened the week on strong footing, climbing to a high of US$108,939 on Monday. However, momentum faded by midweek, with prices slipping below US$105,000. The market downturn accelerated on Saturday night following news of U.S. airstrikes on Iranian nuclear sites, pushing BTC below the key US$100,000 level for the first time since 8 May. It managed a modest rebound to close the week at US$100,982, down -4.34%.

The US$100,000 level now acts as a critical short-term support zone. A sustained break below could pave the way for deeper losses, particularly in the current climate of geopolitical uncertainty, with US$96,000 the next critical level of support.

Ethereum (ETH)

Ethereum (ETH) began the week in step with Bitcoin’s early strength, briefly retesting resistance at US$2,675. However, it failed to break higher, and downward pressure quickly took hold. Six of the seven daily candles closed red, reflecting sustained selling throughout the week.

By Sunday, ETH had dropped to US$2,229, down -12.54%, marking its steepest weekly decline in months. The selloff wiped out all of Ethereum’s gains for June and brought the price to its lowest point since early May. If bearish momentum continues, a retest of the US$1,800 support level could be next.

Altcoins

The geopolitical shock over the weekend sent ripples across the entire crypto market, with altcoins bearing the brunt of the selloff. Several leading tokens posted steep double-digit losses as investors moved to reduce exposure to risk assets. Solana (SOL) dropped -13.90%, Cardano (ADA) fell -14.67%, and Dogecoin (DOGE) declined -13.81%. Even XRP (XRP), which showed relative resilience, ended the week down -6.83%. 

Biggest Gainers:

• Funtoken (FUN) surged +143.27% after a cryptic post from its official X account hinted at major upcoming developments, sparking speculative interest and strong community momentum.
• Kaia (KAIA) continued its positive momentum from the previous week, gaining another +22.83% over the past seven days. The rally followed further news confirming Kaia had become the first blockchain to join Japan’s Blockchain Association, a move seen as a meaningful step toward institutional adoption and regulatory alignment in Japan.
• Sei (SEI) gained +13.64% off the back of news that it was being considered as a candidate blockchain by Wyoming’s Stable Token Commission for the state’s upcoming stablecoin initiative.

Biggest Losers:

• CHEX Token (CHEX), Pocket Network (POKT), and Grass (GRASS) led the weekly declines, falling -33.84%,-32.41%, and -31.46% respectively, as broader market weakness and low liquidity weighed heavily on sentiment.

ICYMI - The Week in Crypto News

Here are a few key stories you may have missed:

• Genius Act clears Senate: The U.S. Senate passed the Genius Act, a landmark stablecoin bill aimed at providing long-awaited regulatory clarity. The legislation mandates that stablecoin issuers maintain liquid reserves such as U.S. Treasuries, publish monthly disclosures, and comply with law enforcement freeze orders. It now moves to the House of Representatives for consideration.
• Crypto ETF optimism grows: Bloomberg analysts raised ETF approval odds to over 90% for assets like XRP, SOL, DOGE, and ADA, citing increased engagement from the SEC as a major sign of progress.
• South Korean biotech firm adds Bitcoin to treasury: South Korean-based Bridge Biotherapeutics secured a 25 billion Won (US$183.3 million) investment from crypto investment firm Parataxis to build a Bitcoin treasury. The firm also announced it will rebrand as Parataxis Korea and continue trading on the KOSDAQ exchange, marking one of the most significant corporate treasury shifts toward BTC in Asia to date.
• Prenetics becomes first healthcare firm to adopt Bitcoin treasury: Nasdaq-listed health sciences company Prenetics (NASDAQ: PRE) announced a US$20 million purchase of 187.42 BTC at an average price of US$106,712 per coin. This move makes Prenetics the first healthcare company to formally establish a Bitcoin treasury. The firm also plans to integrate Bitcoin into its broader consumer health platforms and operational strategy.
• Nakamoto Holdings secures $51.5M for Bitcoin treasury: Bitcoin holding company Nakamoto Holdings, founded by crypto media entrepreneur David Bailey, has raised an additional US$51.5 million to expand its Bitcoin treasury strategy.
• Trump reduces stake in World Liberty Financial Project: DT Marks DEFI LLC, a company affiliated with the Trump family, has reduced its ownership stake in the World Liberty crypto project from 60% to approximately 40%. 
• EigenLayer raises from a16z: EigenLayer sold $70M in EIGEN tokens to a16z crypto to fund the launch of EigenCloud, its new platform for decentralised off-chain applications anchored to Ethereum.
• Avalanche hits new on-chain highs: Avalanche (AVAX) surpassed 1 million daily transactions, driven by user growth in The Arena, a tipping-based social app.
• Eyenovia builds $50M HYPE treasury reserve: Eyenovia, Inc., a Nasdaq-listed ophthalmic technology company, announced a US$50 million investment in Hyperliquid’s native token, HYPE. With this move, Eyenovia becomes the first publicly traded U.S. company to hold HYPE in its corporate treasury, underscoring rising institutional interest in DeFi assets.
• Lion Group commits $600M to HYPE treasury: Nasdaq-listed Lion Group Holding (LGHL) is establishing a US$600 million crypto treasury reserve, anchored by the Hyperliquid (HYPE) token. The Singapore-based trading platform secured the capital through a facility arranged by ATW Partners to fund the HYPE treasury and other blockchain initiatives.

Looking Forward - The Week Ahead

Markets remain on edge as investors await potential retaliation from Iran following U.S. airstrikes on key nuclear sites. The elevated geopolitical risk is likely to dominate headlines and shape global risk sentiment, with crypto markets particularly sensitive to further escalation.

Key upcoming events to watch:

• Injective (INJ): The Injective Summit kicks off on 26 June, with the community anticipating a major product or protocol announcement.
• Synthetix (SNX): Synthetix is expected to launch its new decentralised exchange on Ethereum Mainnet this week, potentially reshaping its DeFi positioning.

Thanks for reading this week’s Market Pulse. We’ll be back next week with more insights from the crypto markets!