Markets Bitcoin has decreased by 1.7%, settling at $83,000, while the CoinDesk 100 index fell by 2.6%, as Friday's notable gainers reversed and oil prices surged back over $100.
Bitcoin has seen a decline of 1.7%, reaching $83,000, as altcoins also experienced significant losses, with the CoinDesk 100 index dropping 2.6%.
By Oliver Knight, Omkar Godbole| Edited by Jamie Crawley Sep 28, 2026, 6:15 a.m. EDT 4 min read
Bitcoin, currently priced at BTC$82,982.30, has declined to $83,000, representing a 1.7% drop since midnight UTC and a 2.1% decrease over the last 24 hours. The altcoin market has been hit harder, with 91 out of the 100 cryptocurrencies in the CoinDesk 100 experiencing losses, leading to a 2.6% drop in the index to 1,874.56.
In contrast to Friday's gains, the market has reversed sharply, with quant (QNT) plummeting 16% since midnight after a remarkable 39% rise previously. The graph token GRT$0.03188 has also dropped by 12%, following a 14% increase, and the tokenization token ondo ONDO$0.5204 has fallen 12%. The indices that led the market upwards are now leading the decline, with the DeFi Select Index (DFX) down 6.4% and the CoinDesk Computing Index (CPUS) declining 3.2%.
The catalyst for this downturn appears to be linked to oil rather than crypto, as President Donald Trump dismissed Iran's proposed terms for reopening the Strait of Hormuz, which included the release of frozen funds and the lifting of sanctions. Brent crude has consequently risen above $100, now at $100.83, marking a 3.2% increase and reversing its prior dip below that threshold.
Concurrently, traditional assets have seen a sell-off alongside cryptocurrencies, with gold decreasing by 3.3% to $4,144, silver down 5.1% to $61.00, and U.S. equity futures also lower, with S&P 500 contracts down 0.44% and Nasdaq 100 down 0.95%. The dollar index has slightly strengthened by 0.06% to 101.09.
Derivatives Positioning
- Market-wide: The trading volume surged by 70% to $172 billion over 24 hours, while open interest (OI) decreased by 3% to $150 billion. This increase in volume alongside a drop in OI suggests that traders are closing positions rather than opening new ones.
- Taker flow: The 24-hour taker long/short ratio stood at 46.9% to 53.1% as of 09:50 UTC, indicating a slight advantage for sellers.
- BTC OI declines: Futures OI has fallen to 650K BTC, the lowest level since March, as traders continue to avoid leverage. Funding rates are currently negative across major exchanges, suggesting prevailing bearish positions.
- ETH and SOL mirror BTC: Ether OI has dropped to 12.85 million ETH, down from 13.95 million on July 1 and significantly lower than the peak of over 15.65 million in late May, despite a 68% rally since July 1, indicating that spot buying has driven the increase rather than leverage. SOL futures exhibit a similar trend.
- XRP OI rises: OI reached a four-week high of 2.46 billion XRP earlier today, easing to 2.37 billion thereafter.
- Whale behavior: Analysis of Binance whales shows a bullish sentiment towards BTC, down from an extremely bullish stance on Friday, flipping bearish on ETH while remaining optimistic on SOL. XRP sentiment has turned bearish again but is less so than Friday’s extreme bearishness.
- HBAR OI hits record: OI for HBAR surged to a record 2.30 billion, with a 48% rise in spot price over 24 hours, indicating fresh long positions. However, the 24-hour OI-adjusted cumulative volume delta remains negative, and annualized funding is just above zero, suggesting that aggressive buying is not fueling the rise, and shorts may be accumulating against the rally.
- Volatility increases slightly: Volmex's BVIV, the 30-day implied volatility index for BTC, rose to 37.4%, following a bounce from sub-36% levels tested last week. This movement is minimal, and traders continue to anticipate stable market conditions. Ether's EVIV reflects a similar trend. Wall Street's VIX increased to 16 on Friday from below 14.
- Options volume profile mixed: On Deribit, the $84,000 strike bitcoin put expiring Sept. 30 was the most traded contract over 24 hours, indicating hedging against price declines. For ETH, the $2,850 call expiring Oct. 20 led the activity, suggesting a bullish outlook.
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- Hedera HBAR$0.1164 stands out, having risen 13% since midnight and 14% over the past 24 hours to $0.11, making it the only CoinDesk 100 constituent to gain more than 3% today. The token has been consolidating since a rise from below $0.08 in the week of Sept. 19, with no significant news driving Monday's increase, although The Hashgraph Group listed its Hedera-based IDTrust identity platform on IBM's cloud catalog on Sept. 23.
- Friday's top performers have given back their gains, with quant (QNT) dropping 16% to $240.59, the graph GRT$0.03188 down 12%, and fartcoin FARTCOIN$0.1707 also down 12%. AI agent token kite KITE$0.1371 is down 11%, and modular data availability token celestia (TIA) has decreased by 9.1%.
- The DeFi sector is particularly impacted, with uniswap (UNI) falling 7.9% to $8.91 and down 11% over 24 hours, while lending protocol token morpho MORPHO$2.5604 lost 7.5% and 8.5%. Ondo dropped 12% today, and the sector index is down 6.4% after an 8.7% rise on Friday.
- Bitcoin cash BCH$309.30 continues to retreat from its CME-driven surge, down 7.7% to $306.69 and 10% over the past 24 hours, while sui SUI$1.1711 fell 6.2% and solana (SOL) decreased by 2.9% to $118.41.
- A few older layer-1s have managed to hold their ground, with algorand ALGO$0.1293 rising 2.3%, and XDC network XDC$0.03483 also up 2.3%. Just (JST) increased by 1.3%, and IOTA MIOTA$0.05263 up 1.0%, with all four showing gains over the past 24 hours.
- CoinMarketCap's "altcoin season" index remains elevated at 65/100, its highest level in over three months despite the selloff on Monday morning.
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