Author: 1912212.eth, Foresight News
In the early morning of June 13, Bitcoin dropped from $108,000 to $102,664, with a rare seven consecutive four-hour declines. Ethereum fell from around $2,800 to $2,455, experiencing an unusual nine consecutive four-hour declines. Most Altcoins were significantly impacted by the market downturn.
According to Coinglass's unexecuted contract data, the network experienced $1.12 billion in liquidations within 24 hours, with $1.04 billion in long position liquidations. The largest single liquidation occurred on Binance's BTCUSDT, valued at $201 million.
On June 12, glassnode's monitoring data showed that Ethereum's unexecuted contracts just reached a historical high, exceeding $2 billion. Despite ETH's slight pullback from the $2,800 level, market leverage continues to accumulate as traders increase stablecoin leverage.
Additionally, after SharpLink Gaming, an "ETH Microstrategy" listed company, filed a document with the SEC regarding "PIPE investor stock sales", its stock price plummeted by approximately 70% after-hours, significantly negatively impacting ETH.
The company submitted an S-3ASR registration statement allowing the potential resale of up to 58,699,760 shares for over 100 shareholders related to its PIPE financing. The market initially interpreted this as PIPE investors selling their holdings. Joseph Lubin, the company's board chairman, clarified on X platform that the market "misread" the S-3 document, which is merely a standard procedure for pre-registering shares for potential future sales and does not represent actual selling.
The significant growth in futures unexecuted contracts indicates that the current price increase is primarily driven by leveraged futures traders rather than spot buyers. Unlike Bitcoin, which is still driven by spot demand, Ethereum's trend shows divergence. Recent surge in call option purchases, combined with gamma hedging effects, exposes ETH to notable gap risk. The market becomes increasingly fragile and sensitive to momentum changes.
As the market anticipated Ethereum's potential strong rebound leading Altcoins, it unexpectedly turned downward again. What exactly happened?
Israel and Iran Reignite Military Conflict
In the early morning of the 13th local time, Israeli Defense Minister Katz stated that Israel launched an airstrike against Iran. Katz warned that after a preemptive strike, Israel is expected to face missile and drone attacks soon. According to Xinhua News Agency, Israeli Prime Minister Netanyahu stated that Israeli military strikes against Iran would "continue for days".
Currently, Israel is in a state of emergency. CNN cited Israeli sources reporting that Israel is preparing for a significant Iranian retaliation, potentially larger than previous attacks. Sources indicated Israel intends to continue attacking Iran until it believes the nuclear threat is eliminated, though internal security doubts exist about achieving this through unilateral action. Israel's primary targets include Iran's nuclear facilities, military assets, and key military personnel.
Iranian state television just reported unconfirmed reports that Revolutionary Guards Commander General Soleimani might have been killed in the Israeli attack. The station added that another senior guard officer and two nuclear scientists may have also died. The report provided no additional details.
International Brent and WTI crude oil futures rose over 8%. NASDAQ futures briefly expanded losses to 2%, S&P 500 futures dropped 1.8%, and Dow futures fell 1.6%. Spot gold briefly reached $3,420 per ounce, rising nearly 1% intraday.
