So the Iran situation over the weekend definitely shook things up, but crypto actually held up pretty well compared to traditional markets. Bitcoin was hovering around $74K, down just slightly on the day, while S&P 500 futures got hit way harder—dropped 1.1% overnight. That's the kind of resilience you want to see in a risk-off environment.

The military strikes triggered roughly $300 million in liquidations, mostly from long positions, but honestly the scale felt contained. Markets were already bracing for volatility, so the forced selling didn't cascade into a full panic. Oil spiked 13% to $82 a barrel, gold and silver hit month highs—classic safe-haven rotation—but crypto just... stayed relatively steady.

On the altcoin side, things got interesting. MORPHO, JUP, AAVE and LDO all showed some strength despite the broader risk-off mood. WLFI though, that Trump-linked DeFi token, kept bleeding—down over 44% since mid-January at this point. Hyperliquid's HYPE token had a wild 29% jump on Saturday before giving some back.

Derivatives data tells you the market isn't panicking. Funding rates on major exchanges stayed negative even as open interest held up. Bitcoin's 30-day implied volatility index was steady around 58.8%, well within normal range. The $60K put was the most popular bearish bet on Deribit, but nothing screamed capitulation. Crypto proved it can weather geopolitical shocks better than most expect—that's the real story here.