The numbers are brutal but confirm what the market already felt. Over the week ending June 6, the crypto market lost roughly $390 billion in value, bringing total capitalization down to just above $2 trillion. Bitcoin fell 17.3% while Ethereum dropped 22%. Both are now sitting at their steepest weekly declines since November 2022. By the weekend, Bitcoin was trading just above $60,000 and Ethereum near $1,550.
Derivatives traders absorbed one of the largest wipeouts of the year. CoinGlass data shows roughly $7 billion in leveraged positions were liquidated across the week, with about $5.7 billion of that being long positions. Monday and Friday delivered the most severe flushes.
What drove this? Four separate pressures converged at once.
First, Strategy sold 32 BTC — its first sale since 2022. The transaction was tiny at roughly $2.5 million, but it rattled investors who viewed the firm as a consistent source of demand. The real concern shifted to whether more sales might follow to meet preferred equity obligations.
Second, Bitcoin ETFs continued bleeding assets. Research suggests some outflows reflect capital rotating out of crypto and into artificial intelligence stocks, which have surged this year. With AI equities at record highs and major IPOs expected, the opportunity cost of holding crypto has become harder for some investors to ignore.
Third came an AI-driven security shock. Zcash dropped more than 40% after researchers used a leading AI model to uncover a critical vulnerability in its privacy system. The event raised broader questions about protocol security in an AI-powered world.
Fourth, macro headwinds intensified. Friday's stronger-than-expected U.S. jobs report forced a rethink of Fed expectations. Markets that had priced in rate cuts now see the possibility of another hike if inflation remains persistent. Treasury yields surged and the Nasdaq 100 posted its worst session since April 2025.
On-chain analytics show realized losses since October 2025 total approximately $174 billion, still below the $211 billion recorded in the 2022 bear market. Some analysts suggest the market could purge further.
Weekend trading was calmer with U.S. markets closed, but sentiment remains fragile. Whether this marks a bottom or another leg lower likely depends on bond yields, the Fed's policy path, and whether crypto can compete for attention against AI stocks.
This content is for informational purposes only and does not constitute financial advice.
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User_any2026-06-08 22:55:09

Bitcoin and Ethereum Just Had Their Worst Week Since the FTX Collapse

The numbers are brutal but confirm what the market already felt. Over the week ending June 6, the crypto market lost roughly $390 billion in value, bringing total capitalization down to just above $2 trillion. Bitcoin fell 17.3% while Ethereum dropped 22%. Both are now sitting at their steepest weekly declines since November 2022. By the weekend, Bitcoin was trading just above $60,000 and Ethereum near $1,550.

Derivatives traders absorbed one of the largest wipeouts of the year. CoinGlass data shows roughly $7 billion in leveraged positions were liquidated across the week, with about $5.7 billion of that being long positions. Monday and Friday delivered the most severe flushes.

What drove this? Four separate pressures converged at once.

First, Strategy sold 32 BTC — its first sale since 2022. The transaction was tiny at roughly $2.5 million, but it rattled investors who viewed the firm as a consistent source of demand. The real concern shifted to whether more sales might follow to meet preferred equity obligations.

Second, Bitcoin ETFs continued bleeding assets. Research suggests some outflows reflect capital rotating out of crypto and into artificial intelligence stocks, which have surged this year. With AI equities at record highs and major IPOs expected, the opportunity cost of holding crypto has become harder for some investors to ignore.

Third came an AI-driven security shock. Zcash dropped more than 40% after researchers used a leading AI model to uncover a critical vulnerability in its privacy system. The event raised broader questions about protocol security in an AI-powered world.

Fourth, macro headwinds intensified. Friday's stronger-than-expected U.S. jobs report forced a rethink of Fed expectations. Markets that had priced in rate cuts now see the possibility of another hike if inflation remains persistent. Treasury yields surged and the Nasdaq 100 posted its worst session since April 2025.

On-chain analytics show realized losses since October 2025 total approximately $174 billion, still below the $211 billion recorded in the 2022 bear market. Some analysts suggest the market could purge further.

Weekend trading was calmer with U.S. markets closed, but sentiment remains fragile. Whether this marks a bottom or another leg lower likely depends on bond yields, the Fed's policy path, and whether crypto can compete for attention against AI stocks.

This content is for informational purposes only and does not constitute financial advice.

$BTC ‌$ETH ‌

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