Bitcoin drops as altcoin rally stalls, Nasdaq futures rise

Bitcoin slips and altcoin gains fade

Bitcoin was trading around $79,300 on Monday, down about 1.3% since midnight UTC. The price had been trapped below $81,400 over the weekend. At the same time, the rally in many altcoins lost steam.

Key numbers

• Bitcoin down 1.3% since midnight UTC.
• Nasdaq 100 futures up 0.3% over the same period.
• Before midnight UTC, Bittensor (TAO), Kaspa (KAS), Internet Computer (ICP) and Celestia (TIA) each rose more than 12% in 24 hours.
• After midnight, TAO added only 0.4%, Chainlink (LINK) up 1%, and NEAR Protocol (NEAR) slipped 1.5%.

Derivatives and market sentiment

Crypto futures showed a shift toward bearish sentiment. The taker buy‑sell volume ratio indicated short positions made up 51.6% of the flow, a change from Friday’s bullish reading. Open interest in Bitcoin futures fell to 670,000 BTC from 709,000 BTC on Friday, the lowest level since March 23. Annualized perpetual funding rates moved toward zero, losing their previous bullish bias.

Altcoin performance

Among the larger altcoins, Bittensor led with a 13% gain to $266, though its rise slowed after midnight. Kaspa climbed 12.8% to $0.0366, but the move was on relatively low volume. Internet Computer and Celestia also posted double‑digit gains earlier in the day. In contrast, Jupiter (JUP) fell 9% to $0.2514, and Dash dropped 5.3% to $67.56, trimming a weekly gain that remains above 60%.

What is confirmed

• Bitcoin price around $79,300, down 1.3% since midnight UTC.
• Nasdaq 100 futures up 0.3%.
• Several altcoins (TAO, KAS, ICP, TIA) rose more than 12% before midnight UTC.
• Open interest in Bitcoin futures decreased to 670,000 BTC.
• Funding rates for Bitcoin perpetual contracts are near zero.

What remains uncertain

The article suggests the bearish turn may be linked to heightened U.S.–Iran tensions and concerns about a possible Federal Reserve rate increase, but these factors are not confirmed as the cause.

Why it matters

The decline in Bitcoin price and the pull‑back in altcoin gains coincide with capital moving out of crypto futures, as shown by falling open interest and neutral funding rates. This could signal a short‑term reduction in market volatility and a shift in trader sentiment.

Sources

• CoinDesk