U.S. Strikes Iran Military Site, Triggering $937 Million Crypto Liquidations

U.S. Central Command struck an Iranian military site near the Strait of Hormuz on May 28, 2026, triggering $937 million in crypto liquidations as Bitcoin fell to $72,978. The 11 U.S. spot bitcoin ETFs shed $733.43 million on May 27, 2026. Liquidations were 93% long positions, with over $250 million wiped out in 15 minutes as geopolitical tensions escalated.

U.S.-Iran military strikes

• ▪The U.S. Central Command conducted a strike on an Iranian military site near the Strait of Hormuz on May 28, 2026
• ▪Iran's IRGC stated that aggression will not go unanswered following the U.S. strike on May 28, 2026
• ▪Iran's IRGC retaliated to the U.S. strike on an Iranian military position in the Strait of Hormuz by attacking a U.S. airbase in Kuwait on May 28, 2026

Bitcoin price decline

• ▪Bitcoin price declined 3.4% over 24 hours ending May 28, 2026
• ▪Bitcoin price fell to $72,978 in Asian trading hours on May 28, 2026
• ▪Ether extended its seven-day loss to 7.7% as of May 28, 2026
• ▪Ether fell 4.2% to $1,976 on May 28, 2026, losing the $2,000 price level

Crypto market liquidations

• ▪Over $250 million was liquidated from the crypto market in a 15-minute period on May 28, 2026
• ▪The U.S. strike on Iran triggered $937 million in crypto liquidations on May 28, 2026
• ▪93% of the crypto liquidations on May 28, 2026 were long positions

Cross-asset market reaction

• ▪S&P 500 and Nasdaq 100 futures both pointed lower on May 28, 2026
• ▪A gauge of Asian shares fell 1.7% on May 28, 2026
• ▪The MSCI All Country World Index retreated 0.4% from a record high on May 28, 2026

Bitcoin ETF outflows

• ▪BlackRock's iShares Bitcoin Trust recorded $527.84 million in net outflows on May 27, 2026
• ▪The 11 U.S. spot bitcoin ETFs together shed $733.43 million on May 27, 2026
• ▪U.S. spot bitcoin ETFs have experienced more than $2 billion in outflows over multiple sessions ending May 27, 2026
• ▪BlackRock's iShares Bitcoin Trust outflow on May 27, 2026 was its second-largest single-day withdrawal since launching in January 2024

Bitcoin technical support levels

• ▪Bitcoin overhead resistance is clustered in the $74,500 to $75,500 range as of May 28, 2026
• ▪Bitcoin held above $74,000 through several weeks of Iran-related headlines before May 28, 2026 strikes broke that level on elevated volume
• ▪The $72,000 to $73,000 zone is the most contested support band on Bitcoin's daily chart as of May 28, 2026

Perspective of Iran's IRGC

• ▪Iran's IRGC stated that aggression will not go unanswered following the U.S. strike on May 28, 2026
• ▪Iran's IRGC retaliated to the U.S. strike on an Iranian military position in the Strait of Hormuz by attacking a U.S. airbase in Kuwait on May 28, 2026