Bitcoin falls to $83,500 as oil and bond yields jolt crypto markets

Bitcoin dropped to $83,488, down 2.65% over 24 hours, after a jump in oil prices and long-dated bond yields hit risk assets. The slide took it well below the $85,500 level of our last update and pulled the wider crypto market down more than 5%.

Bitcoin

According to CoinGecko data, Bitcoin traded between $82,823 and $85,788 over the past 24 hours. It is now down 0.46% over seven days, so the weekly gain from the push toward $87,000 has gone. Trading volume reached $38.5 billion.

Decrypt reports that Bitcoin fell sharply as oil topped $101 and the 30-year Treasury yield hit its highest level since 2002. Cointelegraph says Bitcoin touched $82,700, its lowest level so far in October, as a bond sell-off resumed on Iran nerves and stocks reversed from all-time highs.

Leverage added to the move. Cointelegraph counted $550 million in liquidations as Bitcoin fell 2.3% in two hours, amid suspicion over leveraged BTC short positions that appeared on Hyperliquid. Decrypt put long liquidations above $500 million after a late evening sell-off. Chart: BTC/USD

Ether and the other majors

Ether fell harder than Bitcoin. CoinDesk reports that Ether underperformed after Tom Lee said Bitmine would soon stop buying more ETH. Every large cap in our list is lower on the day. Cardano gave back part of its recent rally but is still up on the week.

Chart: ETH/USD

Market breadth and sentiment

Total crypto market capitalization stands at $2.851 trillion, down 5.37% in 24 hours. Bitcoin dominance is 58.8% and Ether dominance is 11%.

The Crypto Fear & Greed Index reads 71, still in Greed. It slipped from 73 a day earlier. Over the past eight days it has stayed in Greed, moving between 65 and 74. The drop in prices has not yet pushed sentiment out of that zone.

Main news drivers

Bitmine sets an end to its ETH buying

Speaking at Token2049 in Singapore, Tom Lee said Bitmine is about 100,000 ETH, or roughly six to seven weeks, from its 5% cap, Decrypt reports. According to CoinDesk, Lee said the company will be "done stacking" once it owns 5% of ETH, ending a streak that began in mid-2025 and made it the world's largest Ethereum treasury.

Market structure bill

Cointelegraph reports that House Financial Services chair French Hill said SEC and CFTC actions on crypto "fall short" of the CLARITY bill. He hopes lawmakers can pass a market structure bill before the next session of Congress in 2027.

Derivatives access in the US

Coinbase is integrating Deribit, giving US institutions access to its options and perpetual futures, according to Cointelegraph. US retail options are expected later this year.

What to watch next

• Bitmine's remaining purchases. Lee's timeline points to about six to seven weeks of buying before the 5% cap, per Decrypt.
• Oil and Treasury yields. Decrypt and Cointelegraph both tie today's drop to the oil spike and the bond sell-off.
• CLARITY bill progress. Hill's goal is passage before the 2027 session, per Cointelegraph.
• Coinbase retail options. Expected later this year, according to Cointelegraph.
• USD1 payments. World Liberty Financial plans to bring USD1 to online platforms, with a Mesh partnership scheduled to roll out this quarter, Cointelegraph reports.