Bitcoin, ether eye worst weekly rout since FTX collapse as cryptos shed $390 billion
Key takeaways
- A week that began with Strategy's bitcoin sale ended with one of the largest crypto market drawdowns in years.By Krisztian Sandor|Edited by Nikhilesh De Jun 6, 2026, 7:58 p.m.
- 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.
A week that began with Strategy's bitcoin sale ended with one of the largest crypto market drawdowns in years.By Krisztian Sandor|Edited by Nikhilesh De Jun 6, 2026, 7:58 p.m. 3 min read Make preferred on (Josep Castells/Unsplash)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.Crypto investors endured one of their toughest week in years as a wave of selling wiped out hundreds of billions of dollars from digital asset markets.
Bitcoin BTC$61,267.78 fell 17.3% this week while ether (ETH) dropped 22%, putting both assets on track for their largest weekly declines since November 2022, when the collapse of Sam Bankman-Fried's FTX exchange triggered a market-wide panic.
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.