Bitcoin dropped to $83,000, down 1.7% since midnight UTC on September 28, as traders liquidated positions across crypto markets following a geopolitical spike in oil prices. The broader market took heavier losses, with the CoinDesk 100 index falling 2.6% to 1,874.56, with 91 of 100 constituents trading lower on the day.
Brent crude surged above $100, rising 3.2% after U.S. President Donald Trump rejected Iran’s conditions for reopening the Strait of Hormuz. Those conditions included release of frozen Iranian funds, lifting of oil sanctions, and end to the U.S. naval blockade of Iranian ports.
The selloff reversed Friday’s altcoin rally. The DeFi Select Index, which led last week’s rotation upward, declined 6.4% on the day and 7.3% over 24 hours. The CoinDesk Computing Index fell 3.2% on the day and 5.0% over 24 hours. Quant (QNT) lost 16% since midnight despite a 39% gain Friday, falling to $240.59. The Graph (GRT) dropped 12% after a 14% Friday advance. Ondo (ONDO) fell 12%.
Traditional markets moved in tandem. Gold declined 3.3% to $4,144. Silver fell 5.1% to $61.00. S&P 500 futures dropped 0.44%, while Nasdaq 100 futures fell 0.95%. The dollar index rose 0.06% to 101.09.
Trading volume jumped 70% to $172 billion over 24 hours, but open interest fell 3% to $150 billion, signaling position closures rather than new entries. Futures open interest in Bitcoin hit 650,000 BTC, the lowest level since March. Ethereum open interest stood at 12.85 million ETH, down from a peak of 15.65 million ETH in late May and up 68% since July 1.
Hedera (HBAR) bucked the trend, rising 13% since midnight and 14% over 24 hours to $0.11, after hitting a $0.08 floor the week of September 19. Open interest in HBAR reached a record high of 2.30 billion. XRP open interest climbed to a four-week high of 2.46 billion before easing to 2.37 billion.
On derivatives markets, the $84,000 Bitcoin put strike was the most traded on Deribit, reflecting hedging demand. The $2,850 Ethereum call strike was the most heavily traded call option. The Volmex BVIV 30-day implied volatility index reached 37.4%, indicating elevated expected price swings.
The 24-hour taker long-to-short ratio stood at 46.9% to 53.1%, showing net short positioning. The CoinMarketCap altcoin season index read 65 of 100, suggesting selective strength in altcoins despite broad weakness. Bitcoin put options expire September 30, while Ethereum call options expire October 20.
Other major tokens declined: Bitcoin Cash fell 7.7% to $306.69 and 10% over 24 hours. Uniswap dropped 7.9% to $8.91 and 11% over 24 hours. Morpho fell 7.5% on the day and 8.5% over 24 hours. Sui declined 6.2%. Solana lost 2.9% to $118.41. Algorand and XDC Network each rose 2.3%, while Just gained 1.3% and IOTA rose 1.0%.
