$BTC Posts Worst Week Since FTX Collapse, Crypto Loses $390 Billion

Bitcoin ($BTC) recorded its steepest weekly decline since the 2022 FTX collapse, shedding roughly 17.3% and at one point sliding below $60,000. The broader selloff erased approximately $390 billion in total crypto market value, with ether falling around 22% — both the worst weekly drops since the exchange implosion that defined the last bear cycle.

The Mechanics of the Move

The $390 billion figure captures market-cap destruction across the asset class, not a single position unwinding. Bitcoin's 17.3% weekly slide and ether's steeper 22% loss suggest the selling pressure hit altcoins harder — a pattern consistent with risk-off liquidations that start in the larger-cap assets and accelerate down the cap table. Who was selling into that gap is the question that matters; the source does not say.

Bitcoin was trading near $61,300 in the aftermath, which means it recovered somewhat from the sub-$60,000 trough. That bounce is worth noting, but a single recovery tick after a 17% drawdown is not a trend.

Putting the Drawdown in Context

The FTX comparison is the most honest one available. That collapse in late 2022 was a counterparty-failure event — a centralized exchange holding customer funds it did not have. Whether the current drawdown shares that structural cause or reflects something else entirely, the source does not specify. Magnitude alone puts this week in the same conversation.

For anyone who covered 2022, the $390 billion headline number carries a familiar weight. It took roughly a year for crypto market caps to stabilize after FTX. Whether this week is the start of a comparable contraction or a sharp correction inside a longer rally is not something the current data answers.

What the Numbers Do Not Tell Us

The source provides no attribution for the selloff — no named catalyst, no regulatory event, no protocol failure. That absence is itself information. Large drawdowns without a clean narrative tend to reflect positioning unwinds or macro correlation trades rather than crypto-specific news. Traders should be skeptical of any post-hoc explanation that arrives too neatly.

$BTC at $61,300 is the number on the board. The $390 billion is what the week cost. Everything else, for now, is fill.