Global markets faced intense volatility following Israeli airstrikes on Iranian nuclear facilities on June 14, 2025, triggering a broad flight from risk assets. Bitcoin dropped 2.9% to $104,889.07 within 24 hours according to CoinDesk data, while the CoinDesk 20 Index plunged 6.1%. Traditional havens rallied sharply: gold futures surged 1.3% to $3,445 per ounce, approaching record highs, and Brent crude oil spiked 14% intraday to $73 per barrel. Equity indices mirrored the risk-off shift, with Japan’s Nikkei falling 0.89%, Euro Stoxx 50 declining 1.37%, and E-mini S&P 500 futures dropping 1.16%. The escalation occurred hours after the International Atomic Energy Agency reported Iranian uranium enrichment violations, with Israel confirming targeted strikes against military leadership. U.S. officials denied involvement but markets priced in heightened conflict risks, reversing crypto gains from earlier ETF optimism. Solana had rallied 15% on June 13 after Wintermute traders cited SEC requests for updated S-1 filings but collapsed 9.5% post-strike, showing how geopolitical shocks override structural catalysts. Spot Bitcoin ETFs recorded $86.3 million inflows on June 14 according to Farside Investors, yet couldn’t offset macro-driven sell pressure. This illustrates crypto’s persistent sensitivity to black swan events despite institutional adoption milestones. Trading implications emerge from divergent asset correlations and derivatives positioning. Oil’s 6% surge signals inflation risks that could delay Fed rate cuts, historically bearish for crypto leverage. Polymarket data shows traders assign 91% probability to Iranian retaliation this month, elevating hedging demand. Put/call ratios for Bitcoin and Ethereum options jumped to 1.28 and 1.25 respectively on Deribit, the highest since April, indicating accelerated put buying for downside protection. Funding rates turned deeply negative across altcoins: DOT at -15.2%, LINK at -15.1%, and SHIB at -44.5% on major exchanges, per Velo analytics. Meanwhile, open interest plummeted $5.7 billion from June 12’s $55 billion peak to $49.31 billion as leveraged longs unwound. Coinglass reported $1.16 billion liquidations in 24 hours, 90% from long positions, with critical BTC support zones at $102K-$104K holding $84 million in vulnerable bids. Crypto equities like Coinbase fell 3.84% while mining stocks underperformed Bitcoin, suggesting sector-specific de-risking. This creates pairs trading opportunities against oil-exposed assets or gold proxies. Technical indicators reveal critical inflection points and cross-market dependencies. Ethereum breached its 200-day exponential moving average at $2,480 before recovering, with daily closes below this level threatening further declines. Bitcoin tested its 50-day simple moving average at $103,150 as skew metrics hit April lows, reflecting rising put demand. Trading volume patterns show flight to liquidity: BTC/USDT pairs spiked to $14.14 billion in 24-hour turnover versus $502 million for ETH/USDT. The BTC-Dominance Index rose 0.7% to 64.77 as capital rotated from alts to large-caps. Oil’s 14% intraday surge inversely correlated with crypto (-0.87 over 48 hours per CoinDesk analysis), while gold’s 1.25% gain coincided with DXY’s 0.44% rise, pressuring dollar-denominated assets. CME Bitcoin futures open interest held at 150,705 BTC, indicating institutional presence but reduced leverage. For tactical entries, monitor Polymarket’s retaliation probability and Brent crude sustention above $70, with BTC’s $102K-$104K liquidation cluster acting as make-or-break support. Historical data shows Middle East escalations cause 3-5 day crypto drawdowns averaging 8.2% before mean reversion, per Kaiko research.