CoinDesk
Bitcoin has shed roughly 14.5% since Monday's UTC open and is trading near $62,500, while ether has plunged more than 17% — including a 5.5% drop on Friday alone — putting the second-largest cryptocurrency within touching distance of the $1,420 support level it bounced from in April 2025 before its four-month rally to record highs. A clean break below that line opens a path toward 2022 bear-market territory under $900, a technical level the market has not revisited in nearly four years.
The slide accelerated on Friday as zcash cratered more than 30% after a security researcher disclosed an exploit in its shielded pool that could have minted unlimited tokens — a shock that dragged monero down 12% and dash 9%, and pulled the broader altcoin complex lower. Arthur Hayes added fuel by disclosing his fund had sold its entire ZEC position. Coinglass data shows $1.2 billion in 24-hour liquidations, with longs absorbing 76% of the damage; BTC accounted for $364M, ETH $291M, and ZEC $107M of the notional wipeout.
Why it matters
Multiple forces are converging on the same tape. Strategy executive chairman Michael Saylor attributed the sell-off to capital rotation into a wave of U.S. AI IPOs, while on-chain analysts point to a demand vacuum — CryptoQuant says April spot volume of $679 billion is the lowest monthly print since October 2023. ADA also lost more than 10% after founder Charles Hoskinson said he was "taking a break" and warned of ecosystem failures, removing another source of narrative support from an already thin market.
Derivatives positioning has flipped defensive in lockstep. BTC open interest dropped 15% to $17 billion, Deribit's funding rate fell to -15% annualized, and the three-month basis slid to 2.7% from 2.9% the prior week — the textbook signature of institutional de-risking. Put/call volume is now split 50/50, the one-week 25-delta skew more than doubled to 27% from 13%, and front-end implied volatility (DVOL) climbed to 47, all confirming a sustained bid for downside protection.
Frequently asked questions
-
How much have Bitcoin and Ethereum lost this week?
Bitcoin is down roughly 14.5% since Monday's UTC open and trading near $62,500, while ether has plunged more than 17% — including a 5.5% drop on Friday — putting ETH within striking distance of the $1,420 support it bounced from in April 2025.
-
What triggered the Friday sell-off in zcash?
A security researcher disclosed an exploit in zcash's shielded pool that could have minted unlimited tokens. ZEC fell more than 30%, dragging monero down 12% and dash 9%, while Arthur Hayes disclosed his fund had sold its entire ZEC position.
-
How big were the 24-hour liquidations?
Coinglass recorded $1.2 billion in liquidations over 24 hours, with longs absorbing 76% of the damage. Bitcoin accounted for $364M, ether $291M, and zcash $107M of the notional wipeout.
-
What does derivatives positioning look like now?
BTC open interest dropped 15% to $17 billion, Deribit funding flipped to -15% annualized, and the three-month basis slid to 2.7% from 2.9%. Put/call volume is split 50/50, the one-week 25-delta skew doubled to 27%, and front-end DVOL climbed to 47.
-
What price levels are traders watching next?
The Binance liquidation heatmap flags $60,900 as a core BTC liquidation level on any further drop. On the ETH side, $1,420 is the key support — a break below opens a path toward 2022 bear-market lows under $900.
Crypto News
CoinTelegraph
CryptoSlate
Crypto Rank News
WatcherGuru
TheBlock