Crypto's brutal week: Bitcoin and Ether post worst weekly drop since FTX

Crypto investors endured one of their toughest weeks as a wave of selling wiped out hundreds of billions from digital asset markets. Bitcoin fell 17.3% this week while ether dropped 22%, putting both assets on track for their largest weekly declines since November 2022, when the collapse of FTX triggered a market-wide panic.

Despite modest stabilization on Saturday, both remained near their lows, with BTC trading just above $60,000 and ETH around $1,550. The damage extended beyond the two largest coins. The digital asset market shed roughly $390 billion in value during the week, leaving total market capitalization hovering just above $2 trillion, TradingView data showed — less than half of the nearly $4.2 trillion peak reached in October.

Crypto derivatives traders also suffered: roughly $7 billion in leveraged positions were liquidated during the week, with Monday and Friday delivering the most severe flushes, and about $5.7 billion of those were long positions. Several bearish forces converged.

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