Israeli airstrikes on Iranian nuclear facilities triggered a global risk-off event on June 13-14, 2025, causing significant cryptocurrency declines despite Bitcoin's perceived haven status. According to CoinDesk data, the CoinDesk 20 Index plummeted 6.1% within 24 hours as Bitcoin dropped 2.9% to $104,889.07 by 4 PM ET June 13. Simultaneously, traditional safe havens surged with gold futures rising 1.3% to $3,445 per ounce and Brent crude oil spiking 14% intraday. The attack occurred hours after the International Atomic Energy Agency reported Iranian uranium enrichment violations, escalating Middle East tensions. Global equities mirrored the selloff: Japan's Nikkei fell 0.89%, Euro Stoxx 50 lost 1.37%, and E-mini S&P 500 futures dropped 1.16%. This erased earlier crypto gains driven by Solana ETF speculation, which had propelled SOL 9.5% higher before reversing into a 9.5% daily loss. Polymarket data indicates traders now price a 91% probability of Iranian retaliation this month, compounding market anxiety.

The geopolitical shock revealed crypto-stock correlations and trading asymmetries. Spot Bitcoin ETFs recorded $86.3 million inflows despite the rout, accumulating $45.29 billion total holdings, while Ethereum ETFs saw $112.3 million daily inflows according to Farside Investors data. This divergence suggests institutional capital viewed the dip as buying opportunity despite retail panic. Crypto equities showed varied reactions: MicroStrategy fell 2.63% pre-market while Coinbase slid 3.84% at Thursday close. Trading opportunities emerged in volatility arbitrage - Deribit data shows BTC and ETH put/call ratios jumped to 1.28 and 1.25 respectively, indicating heightened demand for downside protection. Cross-market analysis reveals oil's 6% surge created headwinds for energy-intensive mining stocks like Riot Platforms, which dropped 3.33% pre-market. Risk-appetite gauges show capital rotated from altcoins to stablecoins, with ETH/BTC ratio falling 3.52% as traders sought relative safety in Bitcoin dominance at 64.77%.

Technical indicators confirm broad deleveraging across derivatives markets. Total open interest plunged from $55 billion on June 12 to $49.31 billion according to Velo data, with Binance alone shedding $2.5 billion overnight. Funding rates turned deeply negative: ETH at -7.99% and DOT at -15.2% on Deribit, signaling overwhelming short pressure. CoinGlass reported $1.16 billion liquidations in 24 hours, 90% from long positions, with critical BTC support at $103,150 (50-day SMA). Ethereum faces technical tests at $2,480, aligning with its 200-day exponential moving average. Mid-June 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. Volume analysis shows ETH spot trading dominated sell flows with 8.81% daily drop versus BTC's 2.42%, reinforcing Bitcoin's relative resilience during geopolitical crises.

Frequently Asked Questions
How did oil prices impact cryptocurrency markets during the Israel-Iran conflict?
The 6% surge in U.S. crude futures directly increased mining operational costs, pressuring mining stocks like Marathon Digital which fell 3.41% pre-market. Higher oil prices also fueled inflation concerns, reducing risk appetite for speculative altcoin investments.
What do put/call ratios indicate about market sentiment?
Deribit data showing BTC put/call ratio at 1.28 and ETH at 1.25 reveals significantly greater demand for downside protection than upside exposure, reflecting trader expectations for further market declines.
How might token unlocks affect prices?
Substantial unlocks like ZKsync's 20.91% supply release create immediate selling pressure, historically correlating with 5-15% price drops in the unlock week based on TokenUnlocks historical analysis.