Crypto markets declined on Monday as traders took profits and looked for new market drivers.
Solana (SOL) and XRP led the losses among major cryptocurrencies, each falling by 4%, while Bitcoin (BTC) dropped 1.1% and BNB Chain’s BNB slipped 0.5%. Meanwhile, Dogecoin (DOGE) also lost 3%, while Cardano (ADA) and Ethereum (ETH) managed to rise by 2% during midday trading in Europe.
Jupiter’s JUP Faces Sharp Drop
Among midcap tokens, Jupiter’s JUP recorded a significant 9% drop, largely due to its connections to the controversial LIBRA coin. The LIBRA project briefly gained attention after Argentina’s President Javier Milei mentioned it as a potential solution for small businesses. However, its value crashed soon after launch, and its operators are now facing legal issues.
Crypto Market Trends and Institutional Influence
The CoinDesk 20 Index, which tracks the largest cryptocurrencies by market capitalization, fell by 1.29%, reflecting the overall market downturn. Analysts from QCP Capital noted that the lack of strong crypto-specific catalysts means that broader economic factors largely influence price movements.
They highlighted that despite concerns over tariffs, inflation, and political uncertainties, market volatility indicators such as VIX remain low.
Bitcoin has remained relatively stable compared to altcoins, which have seen declines of 40-60% over the past month. Jeff Mei, COO of crypto exchange BTSE, pointed out that Bitcoin’s resilience is largely due to increased institutional investment, keeping its price range steady between $96,000 and $97,000.
Options Market Activity and Future Outlook
In the crypto derivatives market, open interest (OI) in Bitcoin options has not seen a major rebound since the end of January. This suggests that traders are waiting for concrete policy changes rather than reacting to general pro-crypto statements.
The most popular options trade this month has been the $110,000 Bitcoin call option on Deribit, indicating that some investors are still betting on potential price gains in the near future.