The Israeli airstrike on Iran's nuclear facilities on June 13 triggered a global flight from risk assets, sending cryptocurrencies tumbling despite bitcoin's perceived haven status. According to CoinDesk market data recorded at 4 p.m. ET, bitcoin plunged 2.42% over 24 hours to $104,889.07 while Ethereum cratered 8.81% to $2,523.28. The CoinDesk 20 Index collapsed 6.04% to 3,007.21, erasing prior ETF-driven gains. Simultaneously, traditional havens surged: gold futures jumped 1.25% to $3,445/oz nearing all-time highs, and Brent crude oil spiked 14% intraday. Global equities mirrored the rout, with Japan's Nikkei falling 0.89%, Euro Stoxx 50 dropping 1.37%, and E-mini S&P 500 futures sliding 1.16%. The escalation followed Israel's targeted strike on Iranian military leadership and nuclear sites, which Iran countered with 100 suicide drones. Polymarket traders now price a 91% probability of Iranian retaliation this month, according to real-time prediction market data. This geopolitical powder keg reversed crypto's earlier momentum from spot ETH ETF optimism and Circle's IPO enthusiasm, demonstrating how Middle East conflicts rapidly override structural bullish catalysts in digital asset markets. Trading implications crystallized through derivatives carnage and liquidations exceeding $1.16 billion according to CoinGlass, with 90% being long positions. Open interest across major exchanges plummeted from $55 billion on June 12 to $49.31 billion by June 13, representing the lowest monthly levels per Velo data. Binance alone shed $2.5 billion in OI overnight. Options markets turned decisively defensive: Deribit's BTC put/call ratio hit 1.28 and ETH reached 1.25, the highest skew since April. While upside calls lingered at $140K for BTC and $3,200 for ETH, the shift signaled urgent demand for downside protection. Funding rates plunged negative across altcoins: ETH at -7.99% on Deribit, DOT at -15.2%, and SHIB at -44.5%. Only AAVE and HYPE maintained positive funding near 10%. The liquidation heatmap identified $84 million in vulnerable BTC longs between $102K-$104K, creating potential cascading sell triggers. Despite $939 million in spot BTC ETF inflows month-to-date per Farside Investors, crypto's correlation with risk assets intensified as the VIX volatility index spiked 35% intraday. Technical indicators reveal critical support thresholds under siege. Ethereum breached its daily order block and tested the 200-day exponential moving average at $2,480, a pivotal level holding since May. Bitcoin flirted with its 50-day SMA at $103,150 according to CoinDesk technical analysis. The ETH/BTC ratio plunged 3.52% to 0.02412, indicating altcoin underperformance. On-chain metrics showed hashprice at $52.43 with total network fees of $508,710.78, reflecting diminished transaction demand. Oil's 6% surge and gold's breakout created inverse correlations with crypto, while institutional flows paused despite $811 million in ETH ETF inflows. Near-term token unlocks pose additional headwinds: ZKsync's $37.26 million unlock on June 17 represents 20.91% of circulating supply, while Arbitrum's $31.28 million unlock hits June 16. The BTC Dominance Index edged up 0.70% to 64.77 as capital fled altcoins, underscoring bitcoin's relative resilience during geopolitical crises. FAQ: How did oil prices impact cryptocurrency markets during the Israel-Iran conflict? Brent crude's 14% intraday spike directly pressured risk assets including cryptocurrencies, with bitcoin's 7-day options skew falling to April lows as traders hedged oil-driven inflation risks. What technical levels are crucial for Ethereum? The $2,480 zone combining Monday's low and the 200-day EMA must hold to prevent further breakdowns. Why did Solana drop despite ETF progress? SOL's 9.5% daily plunge demonstrated how geopolitical shocks override sector-specific catalysts, erasing its prior 15% rally on SEC filing updates.