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The annualized funding rate for Bitcoin (BTC) perpetual futures has dropped to -6%, its lowest level in three months, CoinDesk reported, citing data from CoinGlass. This is a similar level to that seen on Feb. 6, when Bitcoin's price fell to $60,000. A negative funding rate indicates an excessive concentration of bearish bets, as it requires traders with short positions to pay those with long positions. During the same period, coin-margined open interest (OI) increased from 668,000 BTC to 687,000 BTC, showing expanded participation in the derivatives market despite price volatility. Furthermore, total crypto market liquidations over the past 24 hours exceeded $500 million, with long positions accounting for the majority at approximately $420 million. Market analysts suggest that if short positions become overcrowded, a price rebound could trigger a large-scale liquidation of shorts, a scenario known as a short squeeze.

Bitcoin (BTC) could see further declines amid expanding geopolitical risks in the Middle East, CoinDesk reported. While BTC is currently holding the $63,000 level, there is speculation it could test the $60,000 support line as a broader risk-off sentiment spreads when traditional financial markets reopen. The initial sell-off shock was absorbed amid thin weekend liquidity, but analysts suggest a second wave of synchronized selling could occur if stock, bond, and oil markets fall sharply at the start of the trading week. In particular, a surge in oil prices could reignite inflation concerns, potentially increasing volatility across all risk assets. The market is identifying the $60,000 level, which held during the sharp drop on Feb. 5, as a key short-term support zone.

A wallet created just three days ago has realized a profit of approximately $493,512 on the crypto-based prediction market Polymarket by betting "YES" on a U.S. strike against Iran, Onchain Lens reported. The wallet placed a $60,816 bet on a contract for a strike on Feb. 28 and an additional $3,000 on a March 1 contract. This pattern of securing a large profit from a high-stakes bet in a very short timeframe has led to suspicions that the trade may have been based on insider information.

President Donald Trump is expected to address the nation on Saturday morning, Axios reported. Meanwhile, The New York Times (NYT) reported, citing U.S. officials, that the current situation with Iran could last for days or even weeks.

A U.S.-Israeli airstrike has reportedly killed a high-ranking commander of the Iranian Revolutionary Guard Corps (IRGC) and several political officials, Walter Bloomberg reported. Iran's Supreme Leader Ayatollah Khamenei and President Masoud Pezeshkian were also targeted in the attack, though Israel stated the outcome of that strike is unclear. Meanwhile, Iran's state-run Fars News Agency reported that the IRGC is attacking U.S. military bases in Kuwait, the UAE, Qatar, and Bahrain.

Selling pressure in the crypto derivatives market surged immediately following the escalation of tensions between the U.S. and Iran, according to CryptoQuant contributor Darkfost. He noted that approximately $1.8 billion in sell orders appeared within a single hour, causing the derivatives pressure index to plummet from 30% to 18%. This sharp drop signals a strong bearish turn, reflecting a rapid increase in short-term risk aversion that has created a seller-dominated market. However, Darkfost added that a technical rebound is possible if positions become excessively skewed to one side.

An anonymous whale address starting with 0x172 borrowed $7 million in USDC from Aave (AAVE) to purchase an additional 3,753 ETH amid the market downturn, Onchain Lens reported. The average purchase price was $1,865 per coin. This whale now holds a total of 15,964 ETH, valued at $29.68 million.

Bitcoin's daily decline is approaching 4% after Israel conducted a preemptive strike on Iran, Cointelegraph reported. The price of BTC is currently testing the $63,000 support level. With the February monthly close just hours away, the publication noted that Bitcoin is at risk of recording its fifth consecutive monthly decline for the first time in seven years. A higher-than-expected U.S. Producer Price Index (PPI) for January, announced on Feb. 27, is also contributing to negative market sentiment. Meanwhile, according to Coinglass data, forced liquidations have surpassed $250 million in the past four hours. Per CoinMarketCap, BTC is trading at $63,658.51, down 6.42% over the past 24 hours.

Israeli Prime Minister Benjamin Netanyahu announced in a statement that the United States and Israel have launched action to eliminate the threat from the Iranian regime. He stressed that Iran will absolutely not be allowed to possess nuclear weapons.

The Israel Defense Forces (IDF) announced it had detected missiles fired toward Israel. Iran was confirmed to have launched a total of 30 ballistic missiles at the country.

U.S. President Donald Trump has issued an official statement regarding an attack on Iran, financial news outlet jin10 reported. Trump announced that the U.S. had just launched a significant military operation in Iran with the goal of protecting the American people by eliminating the threat from the Iranian regime. He added that Iran is developing long-range missiles that threaten the U.S. and other nations, vowing to destroy these missiles and devastate the country's missile industry. Trump emphasized that Iran will never be allowed to possess nuclear weapons. Previously, the Israeli defense minister had stated that Israel conducted a preemptive strike on Iran to eliminate threats. U.S. media outlets, including CNN, have reported that the attack was a joint operation between the U.S. and Israel.

Major exchanges have seen $219 million worth of futures liquidated in the past hour. In the past 24 hours, $489 million worth of futures have been liquidated.

South Korean crypto exchange Bithumb has announced the temporary suspension of deposits and withdrawals for ZeroG (0G), citing network issues.

According to CoinNess market monitoring, BTC has fallen below $64,000. BTC is trading at $63,922.01 on the Binance USDT market.

Major exchanges have seen $117 million worth of futures liquidated in the past hour. In the past 24 hours, $387 million worth of futures have been liquidated.

According to CoinNess market monitoring, BTC has fallen below $65,000. BTC is trading at $64,831.75 on the Binance USDT market.

Israel's defense minister announced that the country has carried out a preventive strike on Iran, explaining the action was taken to remove a threat to the state. A preventive strike is launched against a perceived future threat, whereas a preemptive strike is a response to an imminent one. According to Reuters, explosions were heard in Iran's capital, Tehran, with reports of a strike near the office of the Supreme Leader. In Israel, air raid sirens were activated in Tel Aviv, and the defense minister has declared a nationwide state of emergency. Israel's Channel 12 television reported the operation was a joint attack against Iran conducted with the U.S.

Upbit announced it is temporarily suspending deposits and withdrawals for ZeroG (0G), effective immediately, due to a network issue.

BTC perp long/short ratios on top exchanges by open interest The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 48.8% long, 51.2% short - Binance: 48.63% long, 51.37% short - OKX: 48.46% long, 51.54% short - Bybit: 48.19% long, 51.81% short

Police have launched an investigation into the theft of billions of won in cryptocurrency from South Korea's National Tax Service (NTS), Etoday reported. The National Police Agency has assigned the case to its Cyber Terror Response Division for a preliminary inquiry. The investigation follows allegations that $4.8 million (6.9 billion won) was stolen from a digital wallet after the NTS inadvertently exposed its "mnemonic code," which functions as a master key, in a press release. The agency had been publicizing its seizure of four cold wallet USBs belonging to a tax delinquent when the security breach occurred.

Crypto startups attracted $883 million in venture capital funding this February, a 13% decrease from the same period last year, DL News reported. DeFi platform Flying Tulip led the funding rounds, securing $206 million. It was followed by online marketplace Oop.com with $200 million and crypto bank Anchorage Digital with $100 million.

U.S. spot Bitcoin ETFs recorded a net outflow of $27.82 million on Feb. 27, according to data compiled by Trader T. The shift ends a three-day streak of net inflows. Key individual fund flows include: - BlackRock (IBIT): $32.99 million net outflow - Invesco (BTCO): $3.27 million net inflow - Franklin (EZBC): $1.9 million net inflow

A serious bug was discovered on the XRP Ledger, though it did not result in any actual damages, CoinDesk reported. The vulnerability, found in the signature verification logic of a proposed batch amendment, could have allowed an attacker to steal funds without a private key. The flaw was discovered and reported by the AI security tool Apex. No funds were compromised because the amendment was still in the validator voting phase and had not yet been activated on the mainnet.

Tether has frozen $4.2 billion in USDT linked to criminal activity to date, Reuters reported. Of this total, $3.5 billion has been frozen since 2023. The company also announced this week that it assisted the U.S. Department of Justice (DOJ) in freezing $61 million in USDT connected to a pig-butchering scam.

U.S. spot Ethereum ETFs experienced a net outflow of $43.6 million on Feb. 27, according to data from Trader T. This marks a shift to net outflows following three consecutive days of net inflows. - BlackRock's ETHA: -$43.6 million