Crypto Suffers Worst Weekly Rout Since July 2024 as Bitcoin, Ether Near Key Support
The cryptocurrency market is facing its most intense selling pressure since FTX collapsed in November 2022. Investor risk appetite has shifted toward AI-related themes, while weak trading volumes and a security vulnerability involving privacy coin Zcash have further undermined confidence. A break below key support levels for Bitcoin and Ether could trigger further liquidations of leveraged positions.
This week, Bitcoin fell about 15%–17% over seven days, while Ether dropped more than 17%, with some estimates putting the decline at 22%. The losses marked their worst weekly performance since July 2024, with some data providers calling it the market’s worst week since the FTX collapse. The total cryptocurrency market lost about $390 billion–$400 billion in value as traders watched whether the two largest assets could hold their recent key price levels.
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The history behind this eventAltcoins Rally as Bitcoin and Ether Retreat From Weekly Highs
Bitcoin and Ether typically serve as the crypto market's main gauges of capital flows. When their rallies stall and money shifts into smaller-cap altcoins, it often signals stronger investor risk appetite. Such rotations can also amplify altcoin volatility, making them an important indicator of market breadth and short-term sentiment.
On the Thursday covered in the report, Bitcoin and Ether retreated from their weekly highs while altcoins bucked the trend and strengthened, signaling that capital had begun to rotate during the consolidation. Bitcoin held near $82,800, while Ether fell below $2,400. Improving sentiment prompted traders to increase their exposure to higher-risk crypto assets.
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