Bitcoin and major crypto assets plunged on Friday as a global “flight from risk” hit markets.
Bitcoin fell 5.5% to $81,668 — a 7-month low — while Ether dropped 6% to $2,661, with both down ~12% for the week.
The selloff reflects rapidly deteriorating risk sentiment as lofty tech valuations come under pressure and expectations of near-term U.S. rate cuts fade.
$1.2 Trillion Wiped Out in 6 Weeks
Crypto’s total market cap has erased $1.2 trillion since early October, according to CoinGecko.
Volatility in AI stocks and a spike in the VIX have accelerated the downturn, dragging crypto lower.
Hong Kong’s spot Bitcoin ETFs also slid nearly 7% on Friday.
A Market “Fractured” After Record Liquidations
Bitcoin’s sharp reversal follows a run to $120,000 in October. Analysts say last month’s $19 billion single-day liquidation broke market momentum.
BTC is now –12% YTD, Ether –19% YTD.
Crypto Stocks Also Hit Hard
- MicroStrategy (MSTR) –11% this week; may be excluded from MSCI indexes
- Metaplanet –80% from June highs
- Coinbase –1.9% premarket, longest losing streak in a month
- Crypto miners MARA (–2.4%) & CleanSpark (–3.6%)
- Gemini (GEMI) –62% since listing
CryptoQuant notes conditions are the most bearish since the bull cycle began in early 2023, suggesting this cycle’s demand wave may already have peaked.