Crypto's brutal week: Bitcoin (BTC), Ether (ETH) suffer worst weekly drop since FTX crash
Crypto markets suffered a major weekly rout, with bitcoin down 17.3% and ether down 22%, both near lows after a modest weekend stabilization. Roughly $390 billion in total crypto value was erased, cutting market capitalization to just above $2 trillion, and about $7 billion in leveraged positions were liquidated, mostly long bets. The selloff was driven by several pressures at once: Strategy disclosed its first bitcoin sale in nearly four years, ETF outflows continued, and some investors rotated capital toward booming AI stocks and potential IPOs. Concerns about AI also pressured some crypto projects after researchers exposed a critical Zcash vulnerability. A stronger-than-expected U.S. jobs report then lifted bond yields and revived fears the Fed may keep rates high or even hike, adding to risk-off sentiment across markets.
