Bitcoin retreated to about $77,600 after failing to break the $80,000 level, down 0.7 percent since midnight UTC, CoinDesk reported. Risk assets weakened as oil rose 1.5 percent to $103 a barrel after reports the United States seized three Iranian tankers in Asian waters. Ether fell 2.5 percent to $2,320. Futures open interest eased but remained high, while negative perpetual funding pointed to bearish leverage.

Scepticism about an altcoin season is spreading after a major trader placed a $1 million bet on further declines across altcoins. The trader, De Profit, built short positions spread across 100 altcoin names and said weakness could persist into 2026. He said at least 90 percent of the market was in a sustained downtrend and saw limited chances of a reversal, projecting potential profits if prices fall further.