Oil prices and Treasury yields declined after renewed U.S.-Iran negotiations helped ease inflation concerns, but bitcoin and ether remained under pressure as continued Coldcard-related wallet sweeps pushed total identified losses toward $89 million.
Major cryptocurrencies moved lower on Monday despite a more favorable macro backdrop driven by expectations of progress in U.S.-Iran discussions. Market sentiment remained weighed down by the ongoing Coldcard hardware wallet exploit, which has continued to uncover additional affected addresses.
Bitcoin dropped from a Sunday high near $63,600 to approximately $62,800 on Monday, falling 1% on the day and around 4% over the past week. Ether declined more than 1% to $1,858 and has struggled to reclaim the $1,900 level since last week, leaving it down 5% over seven days. XRP slipped nearly 1% to $1.07, while Solana and Dogecoin each lost about 0.5%, trading near $73 and just under $0.07, respectively.
BNB was the only major cryptocurrency to avoid losses, remaining unchanged on the day while gaining 1.6% over the past week. Hyperliquid’s HYPE token fell 1% to $52.52 and recorded the largest weekly decline among the top 10 cryptocurrencies, down 12.8%.
The broader market environment initially appeared supportive. Brent crude futures for October dropped as much as 7.3% to $81.55 per barrel after President Donald Trump said he had halted planned action against Iran and would pursue new talks on Monday. Saudi Arabia and other allies were reportedly working toward a potential agreement aimed at restoring access through the Strait of Hormuz.
Lower oil prices also pushed Treasury yields down as investors reassessed inflation risks. The 10-year Treasury yield declined four basis points to 4.69% after reaching its highest level since January 2025 last week. Nasdaq 100 futures and European stock futures both gained 0.8%, while gold rose 0.3% to around $4,060 per ounce.
Typically, falling energy prices, lower yields, and stronger equity markets create a favorable environment for cryptocurrencies. However, bitcoin failed to benefit from these conditions, with investors instead focused on the security concerns surrounding the Coldcard exploit.
The latest wave of attacks involving Coldcard-generated bitcoin addresses brought total confirmed losses to 1,367 BTC, worth nearly $89 million, across 4,585 wallets.
The average amount taken from each address has declined with every new wave, indicating that attackers may have already drained larger wallets and are now targeting smaller balances.
The initial attack wave on July 30 removed 1,083 BTC from 1,196 addresses. By comparison, the third wave affected 1,912 wallets but resulted in only 208 BTC being stolen, showing a sharp decline in average losses per address.
Meanwhile, crypto fund flows showed an unusual split, with ether investment products seeing modest inflows on Friday while bitcoin funds recorded outflows. The divergence stands out because bitcoin typically drives overall market direction, with other major assets often following its lead.
Traders are now focused on whether bitcoin can defend the $62,000 level during ongoing U.S.-Iran negotiations. A potential agreement that further lowers oil prices could provide another positive catalyst for crypto markets. However, if bitcoin fails to react to improving macro conditions again, it would suggest that market-specific risks are outweighing broader economic factors.
