Bitcoin and the wider cryptocurrency market slumped after Israel carried out airstrikes on Iran, prompting investors to shun riskier assets. The largest digital token fell as much as 4.7% in early Friday trading, briefly touching $102,934 and breaking through successive support levels at $105,000, $104,000 and $103,000. Ether and other major tokens also retreated during the broad sell-off. The sharp move triggered a wave of forced unwinding across derivatives venues. On-chain data show that more than $1.02 billion worth of positions were liquidated during the past 24 hours, with roughly $943 million originating from long bets. Around $335 million to $360 million was erased in a single hour as prices accelerated lower, and some 214,270 traders saw positions closed automatically. The largest individual wipe-out was a $201 million BTC/USDT long position on Binance, highlighting the scale of leverage in the market. Highly levered trader AguilaTrades began closing holdings after the downturn, booking about $12.4 million in losses, while an address labeled 0xcB92 recorded an unrealized $9.37 million gain on an Ether short opened earlier in the week. Volatility also spurred fresh positioning. One large buyer accumulated 48,825 ETH, spending roughly $127 million at an average price near $2,605, according to blockchain records. The contrasting strategies underscore the uncertainty surrounding crypto assets as geopolitical tensions add a new layer of risk to an already fragile market.