$1 Billion Crypto Liquidated After US Strikes Iran

ETH ETFs Largest Outflow | Kraken’s Native BTC Yield

Marco Manoppo & Karon Pangestu
June 23, 2025

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Good Morning.

US airstrikes on Iran triggered sharp crypto selloffs, with over $700M liquidated. Ethereum led the losses, but Bitcoin also dropped, exposing the market’s broad vulnerability to geopolitical shocks.

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In Today's Email:

What Matters: $1B Crypto Liquidated After Iran Strikes 💣️
Product of the Week: Kraken’s Native BTC Yield via Babylon 🐙
Charts: ETH ETFs Outflow, Nakamoto & KindlyMD BTC Treasury 🔎

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Narratives: Stay cautious on the macro side.

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WHAT MATTERS

$1B Crypto Liquidated After Iran Strikes

Source: CoinAnk

State of play: According to Coinglass’ data, over $1B in crypto positions were liquidated within 24 hours of the announcement of the strikes.

The strikes, announced by Donald Trump, targeted key uranium sites including Fordow, Natanz, and Isfahan, sparking a wave of panic across global markets.
Over 172,000 traders were wiped out.
Ethereum traders were hit hardest with $296M in liquidations, while Bitcoin saw $152M liquidated, including $125 million in longs.
Other major tokens like SOL, XRP, and DOGE also saw sizable drawdowns.
Most of the forced closures occurred on Bybit and Binance.
The total crypto market cap dropped to $3.25T, down 4.4% on the day, according to CoinGecko.
With the US warning of more possible strikes, traders are bracing for continued volatility.

Our take: The liquidations underscore the market’s sensitivity to geopolitical shocks. Ethereum led the losses, but the broad selloff reflects systemic fragility during macro stress. Risk appetite is likely to remain muted until volatility settles.

For builders and investors: Focus on resilience. You may want to reduce leverage, prioritize liquidity, and watch for oversold opportunities with strong fundamentals.

PRODUCT OF THE WEEK

Kraken’s Native BTC Yield via Babylon

Kraken has launched a new bitcoin “staking” feature using Babylon, allowing users to earn up to 1% APR on BTC without wrapping, lending, or bridging.

The integration uses Babylon’s time-lock protocol to secure PoS chains while keeping BTC on its native blockchain.
Rewards are paid in Babylon’s BABY token, with a seven-day unbonding period.
The service is available in select regions, and Kraken is the first major exchange to offer this non-custodial, smart-contract-managed BTC yield option.

Other cool products:

Bankroll, an onchain community bank.
Alephium Bridge, a bridge between Ethereum and Alephium.
Helix, a decentralized spot and derivatives exchange on Injective.
Belt Finance, an all-in-one DeFi protocol on BSC, HECO, and Klaytn.
Crestal Nation, a no-code platform for building autonomous AI agents on Base.

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CHARTS OF THE WEEK

ETH ETFs See Largest Outflow in a Month

Source: The Block

State of play: Spot Ethereum ETFs recorded over $11M in outflows on Friday, the highest since mid-May, led by a $19.7M exit from BlackRock’s ETHA fund.

This came as ETH’s price dropped below $2,400.
Despite the dip, ETH ETFs have still seen $840M in net inflows this month.
Meanwhile, spot Bitcoin ETFs continued their 9-day inflow streak, setting new cumulative records.

Our take: The sharp outflow from Ethereum ETFs suggests that institutional confidence may be wavering, despite strong monthly inflows

Nakamoto, KindlyMD Boost BTC Treasury to $763M

Source: The Block

State of play: Nakamoto and KindlyMD have raised an additional $51.5M in PIPE funding, increasing their planned bitcoin treasury strategy to $763M, pending merger approval.

The firms aim to convert all funds into BTC, with roughly 7,316 BTC already escrowed.
This move adds to a growing trend of corporate bitcoin treasuries, now totalling 228 companies.
This move signals rising structural demand for BTC despite broader market uncertainty.

Our take: With 228 firms now holding BTC, structural demand is quietly building, even as short-term market sentiment wavers.

QUICK BITES

OKX explores a US IPO.
Circle stock surges to another ATH.
Global crypto funds see $1.2B in net inflows.
KakaoPay shares soar 200% amid stablecoin moves.
Spot Ethereum ETFs log largest outflows in one month.
Texas joins two other states in creating a Bitcoin reserve.
Nakamoto & KindlyMD boost the BTC treasury to $763M.
Texas Governor signs strategic Bitcoin reserve bill into law.
Coinbase secures EU-wide crypto services approval under MiCA.
Trezor issues phishing alert after attackers abuse support contact.
Cointelegraph faces front-end exploits promoting fraudulent airdrops.
Self Chain ousts CEO after allegations of involvement in $50M OTC fraud.
Metaplanet buys 1,111 BTC for $117M, pushing total holdings to over 11K BTC.

NOTEWORTHY READS & MEME

Eli5DeFi’s read on the GENIUS Act.
Checkmatey’s read on Same Same But Different.
Pei’s read on The Next Frontier in Crypto is Convenience.

— Jonathan Fujii (@jonathanfujii_)
12:21 AM • Jun 22, 2025

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.