Bitcoin, Ethereum rebound after crypto’s worst week since FTX collapse

Bitcoin climbed back above $62,000 on Sunday after hitting a 2026 low of $59,100 on Friday, capping a week that saw a decline of over 17%.yahoo
Ethereum fell to around $1,505 on Friday, its lowest since early 2023, before recovering above $1,600 as record ETF outflows of $3.4 billion fueled the selloff.trendingtopics
Standard Chartered cut its year-end Ethereum target 47% to $4,000, warning a drop below $1,400 could trigger deeper losses, according to the bank’s analysts.beincrypto

Ethereum Crashes to Lowest Level Since Early 2023 as Crypto Market Sheds $390 Billion

Ethereum plunged to around $1,505 on Friday, its lowest level since early 2023, as a sweeping selloff erased roughly $390 billion from the total cryptocurrency market in one of the worst weeks for digital assets since the collapse of FTX in late 2022.yahoo

Bitcoin fell as low as $59,100 on June 5, dropping 19.3% in seven days, while Ethereum lost approximately 20-23% over the same period, according to CoinDesk. The rout pushed total crypto market capitalization to just above $2 trillion.bitcoin

ETF Outflows and Liquidations Fuel the Decline

The selloff was driven by a confluence of factors. U.S. spot Ethereum ETFs endured a 17-day outflow streak before finally recording a modest $18.87 million inflow on June 4, led by BlackRock’s ETHA product. Spot Bitcoin ETFs saw $3.4 billion in outflows in a single week at the start of June, the largest weekly withdrawal on record.cryptorank

Leveraged liquidations compounded the damage. Coinglass data showed $1.75 billion in crypto liquidations in a single 24-hour window on June 5, with 351,233 traders wiped out. Earlier in the week, another $1.8 billion in positions were liquidated on June 2. Nearly $7 billion in leveraged positions were liquidated over the course of the week, according to CoinDesk.bitcoinfoundation

Partial Recovery by Weekend

By Sunday, both major cryptocurrencies had staged partial rebounds. Bitcoin climbed back above $62,000, trading at approximately $62,843 as the weekend began, while Ethereum recovered above $1,600. Polymarket prediction data confirmed Ethereum was trading above $1,600 on June 7.polymarket

CNBC reported that Bitcoin’s decline reflected a broader rotation of liquidity away from crypto and into assets with clearer near-term catalysts. Standard Chartered, which cut its year-end Ethereum target 47% to $4,000 from $7,500, warned that a break below $1,400 could expose ETH to a deeper decline toward the $1,000-$1,100 region. Analysts at CryptoQuant attributed Bitcoin’s vulnerability to supply pressure from investors who acquired holdings six to twelve months ago.forbes