Bitcoin, ether eye worst weekly rout since FTX collapse as cryptos shed $390 billion
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- Bitcoin fell to just above $60,000, and Ether hovered near $1,550, both on track for their worst weekly declines since the November 2022 FTX collapse.
- Crypto market shed roughly $390 billion in value this week, leaving total capitalization just above $2 trillion, less than half its October peak.
- Leveraged positions across digital assets were liquidated for about $7 billion, with $5.7 billion of those being long bets.
- Strategy (MSTR) sold 32 BTC (≈$2.5 million), its first bitcoin sale in nearly four years, prompting concerns about further disposals to meet obligations.
- AI investment shift contributed to outflows from bitcoin ETFs, as investors rotated capital into AI‑related stocks and upcoming IPOs, according to K33 Research’s Vetle Lunde.
Why it matters: Crypto investors lose $390 billion in market value and $7 billion in liquidated positions, while AI‑focused funds attract capital away from bitcoin ETFs, boosting AI stocks and IPO prospects.
