Bitcoin has dropped to its lowest in two weeks. It’s currently hovering around $74,280, but the selling pressure over the past few days has been quite strong. Ethereum has also fallen to $2,330.

The most noticeable factor is the scale of long liquidations. Over the past 24 hours, approximately $300 million worth of long positions have been forcibly liquidated, while shorts remain at $50 million. In other words, traders who were bullish have been suddenly hunted. It seems traders expected prices to rise on Iran-related news, but that expectation was disappointed.

Crude oil prices remain above $100 per barrel, and risk aversion is intensifying. Nasdaq 100 futures are also around 23,760, nearly 10% below January’s high. Cryptocurrencies are being dragged down in tandem with this trend.

Altcoins are taking bigger hits, with ETHFI, WLD, WIF, SEI, and FET dropping between 2% and 6%. XRP has fallen over 2.5%, but open interest in futures has actually increased by 2%, now totaling 1.95 billion XRP. This indicates growing interest in short positions. SHIB also shows significant negative volume delta, clearly reflecting investors moving toward risk aversion.

Looking at RSI, despite overall selling pressure, the relative strength index remains at neutral levels. This suggests investors are not panicking yet. Actually, early Friday morning, over $15 billion worth of Bitcoin options expired on Deribit, which wiped out the $75,000 support level. This opens the possibility for further declines.

Put options are trading with a volatility premium of 6–8 over call options, indicating strong demand for downside protection. However, the 30-day implied volatility index continues to decline, so a sharp sell-off may not be imminent. Meanwhile, the Canton Network’s CC token shows positive funding rates, making it the only token with expanding bullish position demand.