$238M Wiped in Crypto Long Squeeze as Trump Tees Up "Very Hard" Iran Weekend ☄️

Roughly $238 million in leveraged crypto positions were liquidated after US President Donald Trump signaled readiness for intensified military strikes on Iran, according to CoinGlass data. Long traders absorbed the majority of the losses as Bitcoin and major altcoins slipped on a risk-off move over the weekend.

Speaking at a Friday cabinet meeting at Camp David, Trump said he is "losing faith" in Tehran and warned the US would be "hitting them very hard." He added that Iran "lies and misinterprets" and that the goal is simply "to win." The Wall Street Journal and CBS reported that officials discussed completing strikes before Monday's market open to limit economic disruption.

White House Press Secretary Karoline Leavitt said the US "will win, and Iran will not have" a nuclear weapon, according to the report. Oil prices and broader equities also reacted to the escalation signals, tracking the same risk-off sentiment that dragged digital assets lower.

The flush fits a 2026 pattern in which US-Iran escalation has triggered single-day crypto liquidation waves ranging from hundreds of millions to nearly $1 billion, underscoring how geopolitical headlines out of Washington continue to drive positioning across crypto derivatives markets.