Bitcoin slips as CME gap eyed, Kelp rsETH DeFi hack hits altcoins

Bitcoin pulled back after a Friday rally, trading just below $75,000 versus $78,300 highs, while ether fell to around $2,300 from $2,460. Traders are watching a CME futures “gap”: CME BTC futures closed at 77,540 and opened at 74,600, leaving a 3.8% upside gap. Similar gaps have previously been filled, keeping some upside optionality for Bitcoin. However, broader risk sentiment weakened. Oil jumped after renewed Strait of Hormuz shipping disruptions, and Nasdaq 100 / S&P 500 futures were down. At the same time, a $292 million exploit tied to KelpDAO’s rsETH triggered DeFi contagion fears, pressuring altcoins and liquidity. DeFi impact was most visible in Aave: Aave TVL reportedly fell from $26.5B to $17.5B. The exploit raised concerns about bad debt in Aave’s WETH pool and drove rapid withdrawals. Market derivatives also turned cautious: funding rates for BTC and ETH flipped negative, and Deribit options kept calls relatively less bid than puts, signalling lingering downside concern. Crypto open interest stayed near $120B, while volume rose about 30%, suggesting faster rotation rather than fresh long capital. Bitcoin’s relative strength versus the altcoin complex was still noted, but the combination of the Kelp rsETH fallout and macro pressure keeps traders focused on downside hedging even as the CME gap narrative supports potential bounce setups.