Bitcoin and Ethereum have suffered their most severe weekly declines since the collapse of FTX. Over the past seven days, Bitcoin dropped 17.3% and Ethereum fell 22%, erasing $390 billion from the total cryptocurrency market capitalization.
The sell-off was fueled by minor Bitcoin sales from Strategy, formerly MicroStrategy, and a broader rotation of capital into AI stocks. Analysts say the flight to tech equities reflects a risk-off mood that is hitting digital assets particularly hard.
$7 billion in leveraged positions were liquidated, triggering forced selling that deepened the downturn. Betting markets now put the chance of Bitcoin climbing above $70,000 by June 9 at just 1%.