Bitcoin retreats below $80,000, liquidating $300 million in futures bets

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin retreats below $80,000, liquidating $300 million in futures bets BTC fell under $80,000 after U.S. strikes in Iran sent oil briefly above $100, triggering liquidations and a shift toward bearish positioning. By Oliver Knight , Omkar Godbole | Edited by Jamie Crawley May 8, 2026, 10:21 a.m. 3 min read Make preferred on Bitcoin price (CoinDesk Data) What to know : Bitcoin dropped below $80,000 after fresh U.S. airstrikes in Iran sparked a surge in oil prices and a broader risk-off move across crypto markets. Crypto traders unwound leverage aggressively, with futures open interest falling 1.5%, nearly $300 million in liquidations, and options flow shifting toward protective BTC puts. Despite weakness in majors and memecoins, DeFi tokens outperformed as ONDO jumped over 8% following a cross-border U.S. Treasury redemption involving JPMorgan, Mastercard and Ripple. Bitcoin BTC $ 79,891.46 tumbled back below $80,000 late Thursday after the U.S. launched fresh airstrikes in Iran, causing brent crude oil to briefly top $100 per barrel before giving back a portion of gains during Asia and European hours. The crypto market was already slightly jittery after Strategy chairman Michael Saylor said that the company would consider selling bitcoin to cover dividend payments from its STRC, a u-turn from its previous "never sell" strategy. Ether (ETH) is trading at $2,280 having lost 0.2% since midnight UTC and around 2% over the past 24 hours, with other altcoins like monero (XMR) and dash (DASH) losing between 4% and 5%. The broader crypto recovery remains intact with bitcoin having rallied from $65,000 in late March, although it's worth noting that a drop below $75,000 would negate the recent string of higher lows and would signal a reversion to the pervious trading range. Derivatives positioning The crypto futures market has cooled for the second-straight day, with cumulative industry notional open interest down over 1.5% at $131.5 billion and trading volume down over 12% at $191 billion. Investors are clearly deleveraging in the wake of bitcoin's overnight drop below $80,000. Exchanges have liquidated nearly $300 million in bets in 24 hours, with longs accounting for most of the tally. It shows that traders were positioned for continued price rises into the weekend, only to take the brunt of the unexpected market weakness. Open interest (OI) has declined in most major tokens, including bitcoin and ether. Meme token DOGE's OI has dropped by over 4%, the most among top 10 coins. TON is the standout, with OI rising by 6%. For the second straight day, OI-adjusted cumulative volume delta for most majors remains negative, a sign of traders aggressively shorting using market orders rather than passive limit orders. On Deribit, the most actively traded contract over the past 24 hours was a BTC $105,000 call option expiring June 26. Market positioning has also shifted, with the top five most traded contracts now including put options at $80,000, $75,000, and $60,000 strikes. This marks a clear change from the previous three sessions, when calls dominated trading activity. Bitcoin's annualized 30-day implied volatility index, BVIV, remains near 40%, the lowest since late January, a sign of market calm ahead of the pivotal U.S. nonfarm payrolls report. Token talk Despite relative weakness across crypto majors and privacy coins, CoinDesk's DeFi Select Index (DFX) surged by more than 3% since midnight UTC, buoyed by an 8.2% gain in the price of ONDO. Ondo Finance is a real-world asset (RWA) project that on Thursday completed its first cross-border cross-bank redemption of U.S. treasuries having worked with JP Morgan, Mastercard and Ripple, driving price appreciation over the past 24 hours into Friday. The CoinDesk Memecoin Select Index (CDMEME) lost ground on Friday, posting a 0.1% swing to the downside to make it the only CoinDesk benchmark in the red. CoinMarketCap's "altcoin season" indicator is at 42/100, significantly higher than in April when it was as low as 31/100. The total market cap of altcoins during that period has risen from below $1 trillion to $1.05 trillion. Crypto Markets Today More For You Bitcoin shows 2-cent price on Revolut as users report apparent BTC display glitch By Shaurya Malwa 54 minutes ago Screenshots showed BTC briefly far below global market prices, though it remains unclear whether any trades were executed at those levels or whether the move was a display issue. What to know : Some Revolut users saw bitcoin prices on the app briefly plunge far below market levels on Friday before snapping back, in what appeared to be a display or liquidity-related glitch. 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