Bitcoin Drops Below $80,000, $300 Million in Futures Liquidated
Bitcoin's price falls below $80,000 after U.S. airstrikes in Iran drive oil prices up, resulting in $300 million in liquidations, as reported by CoinDesk. The crypto market reacts with traders unwinding leverage amid shifting sentiment.
On May 8, 2026, Bitcoin (BTC) dropped under $80,000, hitting $79,891.46 following new U.S. airstrikes in Iran that briefly pushed brent crude oil prices above $100 per barrel. This unrest triggered a broader risk-off sentiment across financial markets, particularly impacting crypto traders.
The downturn prompted significant liquidations in the futures market, with nearly $300 million wiped out in just 24 hours, largely from long positions, bringing the cumulative industry open interest down by 1.5%. This indicates that many traders had positioned themselves for continued price growth, but were caught off-guard by the sudden shift.
Open interest has fallen across major tokens, including Bitcoin and Ethereum (ETH), suggesting a deleveraging trend among investors amid the market's volatility. Despite the overall bearish trend for major cryptocurrencies, decentralized finance (DeFi) tokens like ONDO performed relatively well, rising more than 8% due to a successful U.S. Treasury redemption involving significant financial entities.
The futures market's calm is evident in the recent trading volume, which decreased over 12% to $191 billion. Investors seem cautious heading into the weekend, with the market positioning oriented towards protective put options at lower strike prices, indicating a shift in trader sentiment from bullish to bearish.
As Bitcoin approaches a critical support level below $75,000, the community watches closely to see if the recent trend of higher lows can endure or if the market will revert to previous ranges. Analyzing volume and options activity will be important for understanding potential shifts in trader behavior moving forward.
Summary based on original reporting by Oliver Knight at CoinDesk, originally published May 8, 2026. SolanaWire does not republish source content.
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