Bombs, not bears, just dragged Bitcoin to its lowest level since the Feb. 5 crash.

US and Israeli forces launched a joint strike on Iran early Saturday, sending BTC spiraling from $65,500 to $63,000 in under an hour. Ethereum slid to around $1,850. Roughly $75 billion in total crypto market cap vanished before most traders even woke up.

Over 154,000 traders were liquidated in the past 24 hours, with total liquidations hitting $522 million. Of that, $449 million came from longs alone. The largest single wipeout was an $11.17 million BTC position on Aster.

But the real tell is in the derivatives data. BTC futures volume hit $76.27 billion in the past 24 hours while spot volume sat at just $7.62 billion, per CoinGlass data. This was not…