Bitcoin slips to $83,000 as altcoins unwind Friday's rally
Bitcoin fell 1.7% to $83,000 while the CoinDesk 100 dropped 2.6%, as Friday's biggest gainers reversed and Brent crude climbed back above $100.
Key points
- Bitcoin fell 1.7% since midnight UTC to $83,000, and 2.1% over 24 hours, with 91 of the CoinDesk 100 constituents lower.
- The CoinDesk 100 index dropped 2.6% to 1,874.56, while the DeFi Select Index lost 6.4% and the Computing Index 3.2%.
- Quant fell 16%, The Graph 12% and Ondo 12%, reversing Friday gains of 39%, 14% and similar.
- Brent crude rose 3.2% to $100.83 after Donald Trump rejected Iran's terms for reopening the Strait of Hormuz.
- Hedera was the only CoinDesk 100 constituent up more than 3%, gaining 13% since midnight with no fresh news behind the move.
Bitcoin fell to $83,000 on Monday, down 1.7% since midnight UTC and 2.1% over 24 hours, according to CoinDesk, though the altcoin market took the heavier losses. Ninety-one of the 100 CoinDesk 100 constituents were lower on the day, and the index dropped 2.6% to 1,874.56.
The retreat was almost a mirror image of Friday's session. Quant fell 16% since midnight after rising 39% over 24 hours on Friday, indexing protocol token The Graph lost 12% having gained 14%, and tokenization token Ondo was 12% lower. The sector indices that led the advance led the decline, with the DeFi Select Index down 6.4% and the CoinDesk Computing Index off 3.2%.
CoinDesk reports the trigger sat in oil rather than crypto. President Donald Trump rejected Iran's latest terms for reopening the Strait of Hormuz, conditions that included releasing frozen Iranian funds, lifting oil sanctions and ending the US naval blockade of Iranian ports. Brent crude climbed back above $100 to $100.83, up 3.2% on the day, reversing Friday's move below that level.
Altcoins lead the retreat
Traditional assets were sold alongside crypto. Gold fell 3.3% to $4,144 and silver 5.1% to $61.00, while US equity futures were lower, with S&P 500 contracts off 0.44% and Nasdaq 100 down 0.95%. The dollar index firmed 0.06% to 101.09.
Derivatives data pointed to positions being closed rather than new bets placed. Trading volume jumped 70% to $172 billion over 24 hours while open interest fell 3% to $150 billion. The 24-hour taker long/short ratio stood at 46.9% to 53.1% as of 09:50 UTC, giving aggressive sellers a slight edge.
Bitcoin futures open interest dropped to 650,000 BTC, the lowest since March, with funding rates negative across major exchanges. Ether open interest fell to 12.85 million ETH from 13.95 million on 1 July, even as ether rallied 68% since that date, suggesting spot buying rather than leverage drove the move. XRP open interest hit a four-week high of 2.46 billion before easing to 2.37 billion.
Oil and Iran standoff
Hedera was the clear outlier, up 13% since midnight and 14% over 24 hours to $0.11, the only CoinDesk 100 constituent gaining more than 3%. CoinDesk said there was no fresh news behind the move, though The Hashgraph Group listed its Hedera-based IDTrust identity platform on IBM's cloud catalog on 23 September. A few older layer-1 tokens held up, including Algorand and XDC Network, each up 2.3%.