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Bitcoin fell to USD 83,000 on Monday as rising oil prices triggered losses across crypto and traditional markets. The cryptocurrency dropped 1.7% since midnight UTC and 2.1% over 24 hours. Altcoins suffered deeper declines, while futures data showed traders cutting leverage as market uncertainty increased.
CoinDesk 100 index fell 2.6% to 1,874.56, with 91 of its 100 constituents trading lower. Meanwhile, total crypto trading volume jumped 70% to USD 172 billion over 24 hours.
Open interest moved in the opposite direction. Market-wide futures open interest fell 3% to USD 150 billion, suggesting traders closed positions even as trading activity accelerated.
The latest market pressure followed another rise in crude oil prices. Brent crude returned above USD 100 and traded at USD 100.83, gaining 3.2% during the session.
The move came after President Donald Trump rejected Iran's latest terms for reopening the Strait of Hormuz. Iran's conditions included access to frozen funds, relief from oil sanctions, and an end to the US naval blockade of Iranian ports.
Traditional markets also weakened. Gold fell 3.3% to USD 4,144, while silver dropped 5.1% to USD 61.00. At the same time, S&P 500 futures lost 0.44%, and NASDAQ 100 futures declined 0.95%. Meanwhile, the US dollar index increased 0.06% to 101.09. The moves showed selling pressure across several asset classes rather than an isolated cryptocurrency decline.
Altcoins recorded sharper losses. QNT dropped 16% since midnight after gaining 39% over 24 hours during Friday's session. GRT fell 12%, while ONDO also declined 12%. The DeFi Select Index dropped 6.4% during the session and 7.3% over 24 hours. The CoinDesk Computing Index lost 3.2% and fell 5.0% over the same period.
Bitcoin futures open interest declined to 650,000 BTC, its lowest level since March. Funding rates also turned negative across major exchanges, showing that remaining leveraged positions leaned toward bearish exposure.
As of September 22, leveraged funds had increased their net Bitcoin futures short position by 1,599 contracts. Their total net short position reached 7,953 contracts. Asset managers moved in the opposite direction. They added 411 contracts and raised their net long position to 3,171 contracts.
Overall Bitcoin futures open interest rose by 1,542 contracts to 22,315 in that positioning report. These figures describe futures activity and do not show spot holdings or broader portfolio positions.
The broader derivatives market later showed leverage declining. The 24-hour taker long-short split stood at 46.9% against 53.1% as of 09:50 UTC, giving aggressive sellers a modest advantage.
Ether showed a similar decline in leveraged exposure. ETH futures open interest fell to 12.85 million ETH from 13.95 million on July 1 and above 15.65 million in late May.
ETH still gained 68% since July 1 despite falling open interest. The supplied figures therefore show the rally occurring alongside lower futures leverage. Solana futures displayed a similar pattern.
Also Read: Bitcoin vs Federal Reserve: How Monetary Policy Shapes BTC
XRP futures open interest moved differently. It reached a four-week high of 2.46 billion XRP early in the session before easing to 2.37 billion. Whale positioning also varied across major cryptocurrencies. Binance whales remained bullish on Bitcoin, although their positioning had weakened from Friday's extremely bullish level.
Those traders turned bearish on Ether while remaining bullish on Solana. XRP positioning returned to bearish territory, although it showed less bearish exposure than Friday's reading. HBAR recorded an even stronger increase in derivatives activity. Its open interest surged to a record 2.30 billion HBAR while its spot price climbed 48% over 24 hours.
Still, HBAR's 24-hour open-interest-adjusted cumulative volume delta remained negative. Annualized funding also stayed only slightly above zero, indicating that aggressive buying did not dominate trading activity.
Options markets reflected demand on both sides. On Deribit, the USD 84,000 Bitcoin put expiring September 30 became the most traded Bitcoin options contract over 24 hours. Meanwhile, the USD 2,850 Ether call expiring October 20 led ETH options activity. Put contracts can hedge against price declines, while calls provide exposure to potential upside.
Bitcoin implied volatility increased slightly as Volmex's BVIV rose to 37.4% after rebounding from below 36% last week. Ether's EVIV showed a similar pattern, while Wall Street's VIX rose to 16 on Friday from below 14.
Separately, Pluang data showed only nine of 50 major cryptocurrencies rising as 40 declined. Harmony led the gainers with a 30.54% rise to Rp50, while GRT gained 17.15% to Rp578 and BAL advanced 11.14% to Rp16,297.
Bitcoin's decline to USD 83,000 came as oil returned above USD 100 and selling spread across cryptocurrencies and traditional assets. Futures data showed lower leverage, negative funding, and bearish taker activity, while XRP and HBAR recorded stronger open interest. Options activity also showed demand for both downside protection and selective upside exposure.
