The crypto market showed mixed signals on Monday, with a handful of tokens posting impressive gains even as overall trading activity dwindled and leveraged positions unwound. DeXe (DEXE) soared over 24%, while Humanity Protocol (H), Venice Token (VVV), Morpho (MORPHO), and Ondo (ONDO) each added more than 5% in the past 24 hours. Bitcoin remained capped below $77,000 and total market capitalization held steady at $2.56 trillion.
The rally was fueled by renewed risk appetite following hints from President Trump that a deal with Iran was close. “It also appears further progress has been made toward a 60-day ceasefire extension for the Iran War,” noted the Kobeissi Letter. Brent and West Texas Intermediate crude both dropped below $100 on the prospect of a Strait of Hormuz reopening, which would ease energy-driven inflation pressures. However, traders remain cautious as Trump himself warned he is “not in a hurry” and some Republican allies, including Senators Graham and Cruz, criticized the potential agreement.
Market liquidity took a holiday hit. The US Memorial Day closure and a UK bank holiday pushed 24-hour spot volumes down 22% to $60 billion, while total futures open interest slipped 1.1% to $124 billion. Liquidations collapsed by 70% to $221 million, with $70 million in bullish ETH positions and $58 million in BTC longs being wiped out. Looking ahead, investors are eyeing this week’s US consumer confidence data on Tuesday and the critical PCE inflation and GDP reports on Thursday—numbers that could shape the Federal Reserve’s next move.
