Crypto markets saw nearly $800 million in liquidations over the past 24 hours as Bitcoin broke above $78,000 on news that Iran declared the Strait of Hormuz fully open. According to CoinGlass data, 178,154 traders were liquidated for a total of $796.57 million.

Short positions absorbed almost all of the pain. Shorts were liquidated for $633.67 million, nearly four times the $162.86 million hit to longs. $BTC liquidations alone reached $383.53 million, followed by $ETH at $180.17 million and $SOL at $20.72 million.

The largest single liquidation was a $15.75 million BTC-USD position on Hyperliquid. Funding rates had turned deeply negative in the days before the Hormuz announcement, leaving the market heavily short and vulnerable to the squeeze that followed Iran's declaration and Trump's confirmation.

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