The cryptocurrency market started the week under pressure as Bitcoin dropped to around $83,000, ending two consecutive weeks of gains. By 06:30 GMT on Monday, Bitcoin was down 1.7% at $83,061, while the broader crypto market capitalization fell 1.22% to $2.86 trillion. The decline pulled most major assets lower: Ethereum fell 2% to $2,652.25, XRP dropped 2.7%, Solana lost 2.1%, and Cardano declined 3.5%. BNB slipped 1.3%, while memecoins were hit harder, with Dogecoin down 3.8% and the Trump-branded token falling 4.4%.
The main pressure came from rising global bond yields and elevated U.S.-Iran tensions. The 10-year U.S. Treasury yield climbed above 5%, a level not seen since 2007. Japan's 10-year yield reached 3.08%, its highest since 1996. The Federal Reserve and the Bank of Japan both raised interest rates in September and signaled that additional hikes could follow because inflation remains persistent. Prediction markets priced about a 64% to 65% chance of another Federal Reserve rate hike in October. Higher rates tend to reduce liquidity and make government bonds more attractive relative to risk assets such as cryptocurrencies.
Geopolitical risk also remained elevated. President Trump said he expects the war with Iran to end soon but did not rule out further military strikes before the November midterm elections. Iran proposed a seven-day reopening of the Strait of Hormuz, a pause in fighting and further talks, but Trump rejected the offer. U.S. crude oil rose nearly 1% to $93.28 a barrel, keeping energy-driven inflation concerns alive.
Institutional demand showed some resilience despite the selloff. U.S. spot Bitcoin ETFs attracted about $2.4 billion between September 21 and September 25, their strongest weekly inflow since October 2025. Those flows pushed 2026 net flows back into positive territory and lifted ETF assets to roughly $111 billion. Spot Ethereum ETFs recorded about $689.9 million in weekly net inflows, reversing the prior week's roughly $140 million outflow and bringing cumulative net inflows to about $13.94 billion. However, daily inflows have slowed, and capital is also rotating toward Ether and Solana ETFs.
Bitcoin's technical picture weakened after it failed to hold the $84,000 to $85,000 area. Immediate support sits at $83,000, with the next downside zone between $81,500 and $82,000. Resistance is seen around $84,800 to $85,000, followed by the recent high near $86,000. Momentum indicators were bearish: RSI was at 39.77, STOCH at 18.54, and MACD at -23. Bitcoin liquidations jumped 391.59% to $51.32 million, mostly from long positions. Traders are now watching the September 30 PCE inflation report as well as U.S. inflation, manufacturing and jobs data this week.
XRP faced additional security-related pressure after Bitget suffered a major breach involving about 103 million XRP. Around $387.5 million in total crypto was moved to attacker-controlled wallets, and roughly $83 million of the stolen XRP was moved on September 27. A separate 577.8 million XRP transfer from Uphold added to concerns about potential liquidation, withdrawal delays and cross-chain security, although user account balances were reported intact. XRP was trading near $1.48, down 2.18%, with support at $1.45 and resistance around $1.55.
Ethereum held the $2,600 to $2,620 support zone, with resistance at $2,700 and $2,750. Longer term, Ethereum still has a development catalyst after Vitalik Buterin described the Hegotá fork planned for 2027 as the network's last normal fork before future development relies more heavily on cryptographic proofs and advanced infrastructure.
Elsewhere, Kazakhstan is considering the use of excess associated gas from oil fields to generate electricity for Bitcoin mining. The proposal remains preliminary, with no confirmed timeline or regulatory approval. Despite Monday's decline, Bitcoin was still up about 42% over the previous three months, outperforming the Nasdaq and gold.
