Bitcoin slipped toward $83,000 on Monday as traders unwound positions across the broader crypto market, reversing much of Friday’s rally.

BTC traded at $83,055.83, down 1.7% since midnight UTC and 2.1% over the previous 24 hours. The CoinDesk 100 index fell 2.6% to 1,874.56, with 91 of its 100 constituents in negative territory.

The reversal was especially sharp among Friday’s top performers. Quant (QNT) declined 16% after climbing 39% over the previous 24 hours, while The Graph (GRT) fell 12% following a 14% gain. Ondo (ONDO) also dropped 12%.

DeFi and crypto-related technology tokens also lost ground. The DeFi Select Index (DFX) declined 6.4% on the day and 7.3% over 24 hours. The CoinDesk Computing Index (CPUS) fell 3.2% and 5%, respectively.

Oil Rebound Weighs on Risk Assets

The market reversal came as crude prices jumped after President Donald Trump rejected Iran’s conditions for reopening the Strait of Hormuz.

Iran’s proposal included the release of frozen Iranian funds, an end to oil sanctions and the removal of the U.S. naval blockade around Iranian ports.

Brent crude climbed 3.2% to $100.83, reversing Friday’s move below $100.

Other major markets also weakened. Gold dropped 3.3% to $4,144, while silver declined 5.1% to $61. S&P 500 futures fell 0.44%, and Nasdaq 100 futures declined 0.95%. The U.S. dollar index edged 0.06% higher to 101.09.

Falling Open Interest Signals Position Unwinding

Crypto derivatives activity showed a sharp increase in trading alongside a decline in outstanding positions.

Trading volume jumped 70% over 24 hours to $172 billion, while aggregate open interest fell 3% to $150 billion. The combination suggests traders were closing positions rather than building substantial new leveraged exposure.

At 09:50 UTC, taker activity showed 46.9% longs against 53.1% shorts, giving aggressive sellers a slight edge.

Bitcoin futures open interest fell to 650,000 BTC, the lowest level since March. Funding rates remained negative on major exchanges, pointing to a bearish tilt among the futures positions still open.

ETH Leverage Falls Despite Strong Price Gains

Ether futures open interest declined to 12.85 million ETH from 13.95 million on July 1 and more than 15.65 million in late May.

At the same time, ETH has gained 68% since July 1. The divergence indicates that spot demand has played a larger role in the rally than leveraged futures positioning. Solana has shown a similar pattern.

XRP futures open interest reached 2.46 billion XRP early Monday before retreating to 2.37 billion.

Whale positioning on Binance was mixed. Large traders remained bullish on bitcoin, though their stance was less aggressive than on Friday. They were bearish on ether and bullish on Solana, while XRP had returned to bearish positioning, albeit with less conviction than Friday.

HBAR Bucks the Broader Market Decline

HBAR was one of the market’s standout performers. Its open interest reached a record 2.30 billion HBAR while the token’s spot price jumped 48% over 24 hours.

The surge points to fresh positioning entering the market, although other derivatives indicators offered a more cautious picture. The 24-hour open-interest-adjusted CVD was negative, while annualized funding remained only slightly above zero. That suggests aggressive buyers were not the primary force behind the move and that short positions may have been increasing.

Bitcoin volatility also remained relatively subdued. BVIV rose to 37.4% after spending time below 36%, while EVIV moved similarly. The Wall Street VIX stood at 16 on Friday after trading below 14.

BTC and ETH Options Show Different Positioning

Deribit data showed the $84,000 bitcoin put expiring Sept. 30 as the most actively traded BTC options contract.

For ether, the $2,850 call expiring Oct. 20 led trading activity, highlighting continued demand for upside exposure in ETH options.

Most Altcoins Move Lower

HBAR rose 13% since midnight and 14% over 24 hours to around $0.11. It was the only CoinDesk 100 constituent gaining more than 3% during Monday’s session.

The token has consolidated since climbing from below $0.08 during the week of Sept. 19. There was no fresh catalyst directly linked to Monday’s move, although The Hashgraph Group listed its Hedera-based IDTrust identity platform on IBM’s cloud catalog on Sept. 23.

QNT dropped 16% to $240.59, while GRT and FARTCOIN each lost 12%. KITE fell 11% and TIA declined 9.1%.

DeFi tokens also faced heavy selling. UNI fell 7.9% to $8.91 and was down 11% over 24 hours. MORPHO dropped 7.5% on the day and 8.5% over 24 hours, while ONDO lost 12%. The DeFi sector index fell 6.4% after gaining 8.7% over the previous rolling 24-hour period.

BCH declined 7.7% to $306.69 and was down 10% over 24 hours. SUI fell 6.2%, while SOL slipped 2.9% to $118.41.

Some tokens remained in positive territory. ALGO gained 2.3%, XDC rose 2.3%, JST added 1.3% and IOTA increased 1.0%. All four were also higher over 24 hours.

Despite Monday’s broad pullback, CoinMarketCap’s altcoin season index remained at 65 out of 100, its highest level in more than three months.