Crypto slides on Hormuz airstrikes as $897 million in long liquidations pile up

BTC dropped to its lowest since April 13 and ETH broke below $2,000 as U.S. airstrikes stoked inflation concerns, wiping out nearly $900 million in leveraged longs. What to know : Nearly $958 million of crypto positions were liquidated in 24 hours, with longs accounting for $897 million of the total as investors shifted to risk-off sentiment following airstrikes in the Strait of Hormuz. Ether open interest hit a record even as the token fell below $2,000, a divergence that typically signals traders are adding shorts in anticipation of further losses rather than buying the dip. Around $8 billion in options expire on Deribit on Friday, with bitcoin's max pain at $75,000 just above spot price. Despite headline volatility near yearly lows, the put-call skew remains elevated, meaning traders are still paying for downside protection.