Bitcoin rises on risk-on while KelpDAO exploit pressures altcoins

Bitcoin climbed about 1% to around $76,500 on Tuesday as risk sentiment improved, with traders eyeing a potential breakout above Friday’s $78,300 high and facing resistance near $77,000. Bitcoin’s momentum was helped by easing geopolitical risk from the war with Iran, with U.S. stock index futures turning higher. Ether (ETH) and most altcoins lagged after a $290 million KelpDAO weekend exploit. DeFi tokens remained under pressure, and sentiment stayed fragile across the sector. Derivatives were mixed. The crypto futures long-short ratio was near even (50.68%), suggesting traders were undecided on direction. Futures open interest for several tokens (including BTC, SOL, HYPE, BNB) rose 1%-3%, hinting at capital inflows, while ETH, DOGE and ZEC saw slight declines. AAVE stood out with record futures open interest (3.59M), but an OI-adjusted volume delta turned negative—selling pressure into bids—while funding stayed near zero, pointing to a mildly bearish setup. BTC and ETH funding rates remained negative, increasing the odds of a short-squeeze if spot holds. On venues, Deribit showed BTC and ETH puts trading at a premium to calls, while CME BTC futures activity cooled even as spot Bitcoin ETFs attracted millions—suggesting ETF flows may reflect directional buying rather than classic hedged arbitrage. Overall, Bitcoin outperformed, but the KelpDAO exploit and derivatives positioning keep risk elevated for altcoins and DeFi traders.