Bitcoin consolidated near $84,342 on Friday, while most other cryptocurrencies in the market rose, with 93 of the 100 constituents in the CoinDesk 100 Index moving higher in the past 24 hours. The altcoin season index reached 56, its highest level in over three months. Among them, Quant surged 39% in 24 hours.

This rotation follows a pattern seen in previous cycles, where capital shifts to more speculative assets after Bitcoin's strong rally stalls. Chainlink (LINK), Internet Computer (ICP), and Bittensor (TAO) drove the CoinDesk Computing Index (CPUS) up 9.5% in 24 hours, while the DeFi Select Index (DFX) rose 8.7%.

The market has also digested the $351.6 million hack suffered by the Bitget exchange. Bitget CEO Gracy Chen stated that the user protection fund is sufficient to cover the losses, but withdrawals remain suspended. On the macroeconomic front, reports of negotiations between the U.S. and Iran to reopen the Strait of Hormuz in phases led to Brent crude falling below $100 to $98.94, gold rising 0.26% to around $4,287, and the DXY pulling back 0.11% to 101.14.