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CME open whipsaws BTC
Bitcoin whipsawed around the CME open as Iran tensions pressured crypto markets, with BTC briefly topping $82,400 before slipping below $81,000 as traders repositioned around CME futures and U.S. equity futures.
“BTC briefly topped $82,400 before slipping below $81,000”
CoinDesk said the move coincided with the weekly open of bitcoin futures on the CME and U.S. equity futures and described a “CME gap,” where the price opens at a different point to where it closed on Friday.
CoinDesk also reported that “all crypto benchmarks are down on Monday,” with the broad CoinDesk 100 (CD100) leading the way at a 1.5% loss while the bitcoin-heavy CoinDesk 5 (CD5) dropped 0.6%.
In parallel, MEXC’s market update said Trump rejected Iran’s peace proposal, calling it “totally unacceptable,” sending stock futures lower and keeping traders focused on the conflict and renewed Iran tensions.
MEXC added that bitcoin steadied near $81,000 Monday after a weekend rally faded, with prices climbing as high as $82,000 over the weekend before pulling back by early Monday.
Trump, oil, and risk
CoinDesk linked the volatility to geopolitics in Iran, saying U.S. President Donald Trump stated Iran’s response to a peace proposal was “totally unacceptable,” which helped lift the price of oil and the dollar while pushing down risk assets.
MEXC’s update similarly tied market moves to Trump’s rejection of Iran’s peace proposal, quoting him calling the response “totally unacceptable,” and saying the rejection sent stock futures lower.
MEXC also reported that the U.S. Senate Banking Committee is set to hold a markup hearing for the Clarity Act on May 14, and that the bill could ban bank-style passive yields on stablecoins while allowing staking rewards.
In the same update, MEXC said altcoins gained modestly, with XRP up 2.8% and Solana rising as much as 3.6%, while bitcoin traded near $81,000 Monday as the weekend rebound lost steam.
CoinDesk’s market framing added that the weekly CME futures open and the “CME gap” phenomenon often spark “a frenzy of repositioning,” amplifying the whipsaw around the $81,000 area.
Regulation and derivatives
Beyond price action, MEXC said the Clarity Act is designed to build a legal framework for crypto and that lawmakers are working toward a compromise on stablecoin yields, with the current proposal banning bank deposit-style passive interest on stablecoins but allowing rewards tied to active transactions and staking.
“The Senate Banking Committee has scheduled a markup hearing for May 14”
MEXC further stated that if the Senate Banking Committee approves the bill, it will head to a full Senate vote in early June, and that the hearing scheduled for May 14 marks a step forward after a long-running stalemate.
CoinDesk’s derivatives section said the market-wide crypto futures open interest (OI) remains pinned just above $130 billion for the fourth straight day, pointing to a lack of fresh leverage inflows and stalled momentum.
CoinDesk also reported that centralized exchanges have liquidated over $400 million in leveraged futures bets, with shorts accounting for most of that amount, and it noted that bitcoin calls at strikes ranging from $81,000 to $86,000 dominated volume rankings on Deribit.
CoinDesk added that Michael Saylor confirmed the company was prepared to sell bitcoin, reviving a tax loss harvesting strategy first used in 2022, including a reference to selling 704 BTC in December 2022 before quickly rebuying 810 bitcoin.
