Liquidations across the entire network reached $900 million in one hour as BTC fell below 63,000, prompting a collective withdrawal by institutions.

The ongoing escalation in the Middle East is triggering significant volatility in global risk assets. Iran has threatened to block the Strait of Hormuz, while Israel has issued a tough response, rapidly pushing up safe-haven sentiment. Oil and gold surged sharply, but the crypto market experienced a stampede-style decline. Data shows that in the past hour, total liquidations across the network have exceeded $900 million, and the cumulative liquidation amount over 24 hours has soared to $4.2 billion, with long positions suffering the most brutal clear-out of the year. Meanwhile, institutional funds have also started to withdraw notably. On-chain data reveals that Mt.Gox has once again transferred over 10 thousand BTC; BlackRock moved 6,005 BTC onto an exchange; Abraxas Capital also trimmed about 2,469 BTC, further intensifying market selling pressure. Technically, BTC has officially broken through the key 63,000 US dollar support level, and the four-hour bearish structure is continuing to expand. Funding rates have quickly dropped from 0.01% to 0.0015%, indicating that market pricing power has returned to the bears. However, capital flows within the market are beginning to diverge. According to Hyperliquid data, HYPE's open interest has risen to $1.594 billion, now second only to BTC. Driven by active perpetual oil trading recently, some whale funds are continuously flowing into HYPE. Short-term focus areas: • BTC resistance zone: 64,000—64,500 USDT • BTC key supports: 61,000 / 58,000 USDT If BTC rebounds above 64,000 and then stalls with heavy volume, there will still be a bias towards short opportunities in the near term. If it fails to hold 61,000, the market could see an expansion of cascading liquidations. At present, event-driven trades with rapid entry and exit are more suitable than high-leverage, heavy-position gambles.