Cryptocurrency markets remained under heavy pressure as escalating tensions involving the United States and Iran triggered a broader risk-off move that hit digital assets, oil, and derivatives markets. Bitcoin fell toward the $72,000 area, touching reported lows including $72,792, before partially recovering, while Ethereum dropped roughly 5% below $2,000 and Hyperliquid’s HYPE fell more than 9% to near $55. According to SoSoValue, U.S. spot Bitcoin ETFs posted $733.4 million in net outflows, their second-largest outflow day this year, led by BlackRock’s IBIT, Grayscale’s GBTC, and Fidelity’s FBTC, while Morgan Stanley’s MSBT recorded a small inflow. The outflow streak extended to eight consecutive trading days, with cumulative losses reaching $2.6 billion and total U.S. spot Bitcoin ETF assets under management falling to about $97 billion. In derivatives, Coinglass data showed about $930 million in liquidations over 24 hours across more than 166,130 accounts, mostly long positions, reinforcing how leverage amplified the sell-off. On-chain data cited from CryptoQuant analysts indicated that more than 103,000 BTC moved back to centralized exchanges over 30 days while stablecoins were leaving exchanges at roughly $153 million per day, a combination described as a ‘double risk-off’ setup. The move highlighted how geopolitical stress outside the digital asset sector was transmitted into Bitcoin through ETF flows, leverage, and broader investor positioning.