CoinDesk
Bitcoin fell to $83,000, down 1.7% since midnight UTC, as the CoinDesk 100 slid 2.6% to 1,874.56 and 91 of its 100 constituents declined. Friday's strongest sectors reversed hardest: the DeFi Select Index dropped 6.4%, while the CoinDesk Computing Index lost 3.2%.
Why it matters
The reversal came as Brent crude climbed back above $100 after President Donald Trump rejected Iran's terms for reopening the Strait of Hormuz. Gold and silver also fell, and U.S. equity futures moved lower, showing the selloff extended beyond crypto as geopolitical risk and higher oil prices weighed on markets.
Trading data suggests investors were reducing exposure rather than building fresh leveraged bets. Crypto trading volume rose 70% to $172 billion over 24 hours, while open interest fell 3% to $150 billion. Bitcoin futures open interest dropped to 650,000 BTC, its lowest level since March, and funding rates were negative across major exchanges.
Market impact
Altcoins bore the brunt of the unwind. QNT fell 16% after rising 39% on Friday, while GRT and ONDO each lost 12%. The DeFi Select Index gave back ground after leading the prior session's rotation. HBAR stood out, gaining 13% since midnight as spot rose, even as its open interest reached a record 2.30 billion HBAR.
The broader market picture remains mixed: the CoinMarketCap altcoin-season index held at 65 out of 100, its highest level in more than three months. Traders will be watching whether oil stays above $100 and whether falling open interest continues to signal position-closing rather than new short exposure.
Frequently asked questions
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What drove oil back above $100 during the crypto selloff?
Brent crude rose above $100 after President Donald Trump rejected Iran's terms for reopening the Strait of Hormuz.
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What did rising volume and falling open interest indicate?
Trading volume rose 70% to $172 billion while open interest fell 3% to $150 billion. The combination points to positions being closed rather than new bets being opened.
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How low did Bitcoin futures open interest fall?
Bitcoin futures open interest fell to 650,000 BTC, its lowest level since March. Funding rates were negative across major exchanges.
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Which token bucked the broad market decline?
HBAR gained 13% since midnight as its open interest reached a record 2.30 billion HBAR.
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Did the altcoin-season index fall with the market?
No. CoinMarketCap's altcoin-season index remained at 65 out of 100, its highest level in more than three months.
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