Bitcoin traded lower on Monday after failing to hold above $116,000, as whale activity shifted funds into ether. The broader market also gave up recent gains, with the CoinDesk 20 Index dropping more than 3% over 24 hours to 3,239 points.

Meanwhile, privacy-focused cryptocurrency Monero (XMR) surged to a near two-month high of $333, despite experiencing an 18-block reorganization that reversed over 100 transactions on its blockchain. The incident highlights persistent centralization risks in proof-of-work networks, which can allow record tampering under certain conditions.

XMR’s rally demonstrates investor interest in privacy coins, even amid technical disruptions, while bitcoin and the wider crypto market continue to navigate volatility influenced by whale trading and shifting capital flows.