According to Francisco Rodrigues, cryptocurrencies declined sharply due to geopolitical tensions from Israeli airstrikes on Iran, prompting a flight from risk assets. Bitcoin (BTC) fell 2.9% and the broader crypto market index dropped 6.1%, as per market data. Solana (SOL) plunged nearly 9.5% despite ETF approval optimism, noted Jake Ostrovskis, an OTC trader at Wintermute, who cited Bloomberg ETF analysts' 90% probability forecast for year-end approval. Derivatives data from Deribit showed rising put/call ratios for BTC and ETH, indicating increased demand for downside protection, while negative funding rates for altcoins like DOT and LINK suggest ongoing bearish sentiment. Upcoming token unlocks for STRK, SEI, ARB, ZK, and APE could exacerbate volatility.