Crypto markets fell on Monday as traders locked in profits and looked for new catalysts to determine positioning.

Solana (SOL) and XRP fell 4% among major cryptocurrencies, Bitcoin (BTC) fell 1.1%, while BNB's BNB chain fell 0.5% in the past 24 hours. Dogecoin (Doge) lost 3%. Cardano's Ada and Ether (Eth) both rose 2% as of noon in Europe.

Jupiter's Jup cuts lead losses in mid-sized tokens by 9%, from a clear link to the controversial Libra coins. Last week, Argentina President Javier Milei briefly touted Libra as a project that could help small businesses, but its operators are now facing legal heat shortly after the issuance.

The extensive Coindesk 20 (CD20) is a liquid index that tracks the largest token by market capitalization, down 1.29%.

"The price action seems to be more macro-driven due to the absence of obvious crypto-specific catalysts, especially since the correlation between BTC and stock remains largely unchanged," QCP Capital said in a broadcast message. "However, Interestingly, despite macro uncertainty (tariffs, debt ceilings, inflation, etc.) and Trump’s unpredictability, Vols and Vix, which means cryptocurrency, are still trading at low points.

"It turns out that BTC is relatively unquestionable for recent macro data, and OI has not yet recovered significantly after its end of January. This suggests that the cryptocurrency options market is just waiting for bystanders to make specific policy changes, not only Just pro-Claputo rhetoric,” the Singapore-based company added.

OI or open interest is an outstanding option contract that has not been closed. The rising open interest represents more funds flowing into the options market.

As noted earlier Monday, the $110,000 call option listed on Deribit is a favorite option this month, while Bitcoin itself remains in a narrow range below $100,000. Traders say that the preference for BTC is mainly due to its attractiveness among institutional investors. “Although many AltCoins fell 40-60% in the last month or so, the price of Bitcoin is surprisingly resilient, selling for around $96-9.7k. This may be because its holder base has turned to institutions Investors, this is likely to continue.