So Bitcoin had quite the wild ride on Monday -- spiked all the way to $79,480 before getting absolutely rejected at $80K and tanking back down to $77,800 within an hour. Currently sitting around $80.78K but the crypto selloff was pretty brutal while it lasted. The whole thing kicked off when US equity markets opened and the CME futures started trading, which is usually when things get spicy.

What's interesting is the timing with oil prices. Brent crude jumped to $107 per barrel, highest since the US-Iran ceasefire talks started, after Trump canceled some diplomatic meetings. That geopolitical tension immediately bled into crypto sentiment, and honestly it explains why we couldn't hold above $80K. Oil and Bitcoin seem weirdly correlated these days, and this crypto selloff proved it again.

The liquidations were insane -- nearly $300 million got wiped in 24 hours, mostly short positions that got caught in that initial pump to $79.5K before the reversal. That's why the spike was so sharp in the first place. Short covering pushed it higher, then the $80K level just absorbed all the momentum and sellers took back control.

Ether underperformed, down 2.2% to around $2.32K, and the altcoin market got absolutely hammered. DeFi tokens took it worst, and LDO was bleeding hard. SUI got extra pressure after that Scallop hack on the network -- 150,000 SUI tokens stolen, worth around $140K. Meanwhile, a few coins bucked the trend with PENGU pumping 9.1% and JUP gaining 4%, but that's about it for the winners.

The real thing to watch is that $80K options wall on Deribit. Over $1.5 billion in call open interest sitting right there, and dealer gamma is positive, which means market makers are probably selling into any breakout and buying dips. That's basically creating a ceiling that's tough to break through. The crypto selloff showed how fragile things are near that level -- can't seem to get clean breaks in either direction. Implied volatility is still declining though, so underneath all this noise, the market's actually pretty calm.