Bitcoin, ether eye worst weekly rout since FTX collapse as cryptos shed $390 billion
A week that began with Strategy’s bitcoin sale ended with one of the largest crypto market drawdowns in years.
What to know:
- In a brutal week for crypto markets, bitcoin and ether are on track for their biggest weekly losses since the FTX collapse in November 2022.
- The crypto market lost roughly $390 billion in value as nearly $7 billion in leveraged positions were liquidated.
- Heavy ETF outflows, Strategy’s bitcoin sale, increased competition from AI investments and Fed rate hike fears all weighed on crypto through the week.
Despite a modest stabilization on Saturday, both assets remained near their lows, with BTC trading just above $60,000 and ETH changing hands around $1,550.
The damage extended far beyond the two largest cryptocurrencies. The digital asset market shed roughly $390 billion in value during the week, leaving total market capitalization hovering just above $2 trillion, according to TradingView data. That’s less than half of the nearly $4.2 trillion peak reached in October.
It wasn’t just prices that got hit. Crypto derivatives traders suffered one of the largest wipeouts of this year.
Roughly $7 billion in leveraged positions were liquidated across digital assets during the week, according to CoinGlass data, with Monday and Friday delivering the most severe flushes.
