Key Takeaways
- • Bitcoin fell to roughly $68,200 after a weekend selloff tied to the U.S.-Iran conflict, returning to a price range last seen in early February after repeated failures to hold above $75,000, according to CoinDesk.
- • More than $400 million in leveraged crypto futures positions were liquidated over 24 hours, with over $280 million in longs, the largest long liquidation since February 25.
- • Trump's threat to "obliterate" Iran's power plants unless the Strait of Hormuz was reopened within 48 hours drove the Saturday selloff and shifted flows toward commodities.
- • BTC 30-day implied volatility rose to 60% from 53% on Wednesday, and Deribit BTC puts traded at an eight-point volatility premium to calls through June expiry, signaling strong hedging demand.
- • Privacy tokens DASH, NIGHT and XMR rose 3% to 5%, while BCH and LINK showed positive volume delta and funding rates; the average RSI in oversold territory points to a possible altcoin bounce.
Summary
Bitcoin traded near $68,250 on Monday, returning to a range it last occupied in early February after multiple failed attempts to convincingly break above $75,000, according to CoinDesk. The decline followed a Saturday selloff after U.S. President Donald Trump threatened to "obliterate" Iran's power plants unless the country opened the Strait of Hormuz within 48 hours. The weekend move opened a CME gap near $70,000, which traders expect to be filled if bitcoin recovers to that level.
Derivatives data showed a sharp unwind of bullish leverage. More than $400 million in crypto futures positions were liquidated over the prior 24 hours, with over $280 million in longs, the most since February 25. Open interest in futures tied to the gold token PAXG rose 4% as investors pulled capital from major cryptocurrency futures, while Ether open interest rose just under 1%. On Hyperliquid, Brent crude, WTI crude, gold and silver perpetual contracts ranked among the top 10 by open interest, ahead of major tokens such as XRP.
Options markets signaled elevated caution. BTC's 30-day implied volatility index (BVIV) climbed to 60% from 53% on Wednesday, and Ether's volatility index (EVIV) reached 84% on Sunday, its highest since early February. On Deribit, BTC puts carried a premium of eight volatility points over calls through June expiry, and block flows included demand for BTC put spreads and ETH straddles.
Across the broader market, gold and silver extended losses on Monday, with January's record highs now seen by CoinDesk as driven by speculative activity rather than a genuine safe-haven bid. The U.S. Dollar Index returned above 100, supported by inflation concerns and a halt to the Federal Reserve's rate-cutting cycle. DeFi tokens ETHFI, HYPE and SKY fell about 3%, and CoinDesk's DeFi Select Index was the weakest benchmark, down 0.75% since midnight UTC. CoinMarketCap's Altcoin Season index stood at 49/100, down from 53 the prior week but above the 22 reading of last month.
Derivatives data showed a sharp unwind of bullish leverage. More than $400 million in crypto futures positions were liquidated over the prior 24 hours, with over $280 million in longs, the most since February 25. Open interest in futures tied to the gold token PAXG rose 4% as investors pulled capital from major cryptocurrency futures, while Ether open interest rose just under 1%. On Hyperliquid, Brent crude, WTI crude, gold and silver perpetual contracts ranked among the top 10 by open interest, ahead of major tokens such as XRP.
Options markets signaled elevated caution. BTC's 30-day implied volatility index (BVIV) climbed to 60% from 53% on Wednesday, and Ether's volatility index (EVIV) reached 84% on Sunday, its highest since early February. On Deribit, BTC puts carried a premium of eight volatility points over calls through June expiry, and block flows included demand for BTC put spreads and ETH straddles.
Across the broader market, gold and silver extended losses on Monday, with January's record highs now seen by CoinDesk as driven by speculative activity rather than a genuine safe-haven bid. The U.S. Dollar Index returned above 100, supported by inflation concerns and a halt to the Federal Reserve's rate-cutting cycle. DeFi tokens ETHFI, HYPE and SKY fell about 3%, and CoinDesk's DeFi Select Index was the weakest benchmark, down 0.75% since midnight UTC. CoinMarketCap's Altcoin Season index stood at 49/100, down from 53 the prior week but above the 22 reading of last month.
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