Bitcoin, Ether Hit Worst Week Since FTX as $390B Wiped Off Market
The crypto market experienced its largest weekly decline since the FTX collapse, with nearly $390 billion in value erased.
The crypto market endured its most severe weekly sell-off since the collapse of FTX in November 2022, with total market capitalization dropping by approximately $390 billion.
Bitcoin and ether led the decline, falling sharply over the week. The rout started after Strategy—formerly MicroStrategy—announced a sale of its bitcoin holdings, adding to selling pressure.
The sell-off intensified amid broader macroeconomic concerns and a risk-off sentiment across global markets. Analysts noted that the scale of the drawdown mirrored the aftermath of the FTX collapse, which wiped out billions in value.
Market Context
The drop marks a significant reversal for the crypto market, which had been recovering in recent months. The selling was broad-based, affecting major cryptocurrencies and altcoins alike.
The decline underscores the crypto market's continued vulnerability to sudden shifts in sentiment and external shocks.