Crypto market ends week with one of its largest drawdowns in years
Bitcoin and Ethereum logged their biggest weekly losses since the FTX collapse as about $390 billion left digital assets, $7.1 billion in leveraged positions were liquidated, and Dogecoin and Shiba Inu led major-token declines.
Bitcoin fell 17.3% and ether 22% over the week, their biggest weekly drops since the FTX collapse in November 2022, as the digital-asset market lost about $390 billion. Liquidations across leveraged positions reached $7.1 billion, including $5.7 billion in longs and $1.4 billion in shorts, while Dogecoin and Shiba Inu were among the weakest major tokens as heavy volume and forced selling broke support levels. The selloff followed ETF outflows, Strategy's sale of 32 BTC, an Anthropic-assisted Zcash vulnerability finding and a stronger-than-expected U.S. jobs report; the newer report said the volatility may signal investor attention shifting away from cryptocurrencies.
- leveraged liquidations: Forced closures of borrowed trading positions when losses exhaust required collateral on an exchange.
- long positions: Bullish trades that profit if prices rise and lose value when prices fall.
- support levels: Price zones where buying interest is expected to help limit further declines.