Crypto posts worst week since July 2024 as BTC, ETH near…

Bitcoin has shed nearly 15% this week and ether more than 17% — crypto's worst weekly performance since July 2024 — against a backdrop of the lowest monthly spot trading volume since October 2023. BTC is trading around $62,500 while ETH has dropped 5.5% on Friday alone, now sitting at its lowest level since April 2025.

Ether is approaching $1,420, the level it bounced from in April 2025 before a four-month rally to record highs. A break below that level would open the door to 2022 bear-market territory, when ETH dipped below $900. Zcash cratered more than 30% after a security researcher uncovered an exploit capable of minting unlimited tokens in its shielded pool, dragging monero down 12% and dash 9%. Arthur Hayes disclosed his firm had sold its entire ZEC position, amplifying the selloff. ADA tumbled more than 10% after founder Charles Hoskinson announced he was "taking a break" following warnings of ecosystem failures.

Why it matters

Multiple catalysts are converging simultaneously. Michael Saylor attributed the rotation out of crypto to a wave of AI IPOs absorbing institutional capital. CryptoQuant data shows spot trading volume fell to $679 billion in April — the lowest monthly figure since October 2023 — signalling a structural demand vacuum, not just short-term volatility.

Derivatives positioning has turned decisively defensive. BTC open interest dropped 15% to $17 billion, funding rates flipped negative at Deribit to -15% annualised, and the one-week 25-delta put/call skew more than doubled to 27% from 13% a week ago. Front-end implied volatility (DVOL) climbed to 47, confirming sustained demand for downside protection.

Market impact

Coinglass recorded $1.2 billion in 24-hour liquidations, split 76% longs to 24% shorts.