Crypto Brief: Bitcoin, ether eye worst weekly rout since FTX collapse as cryptos shed $390 billion

Latest reporting indicates that 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$60,754.76 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.

The damage extended far beyond the two largest cryptocurrencies.

The digital asset market shed roughly $390 billion in value during the week, leaving total market capitalization hovering just above $2 trillion, according to TradingView data.

That's less than half of the nearly $4.2 trillion peak reached in October.

Crypto derivatives traders suffered one of the largest wipeouts of this year.

Roughly $7 billion in leveraged positions were liquidated across digital assets during the week, according to CoinGlass data, with Monday and Friday delivering the most severe flushes.