Bitcoin and ether suffer steepest weekly losses since FTX implosion

The crypto market hasn't felt a gut punch this hard since Sam Bankman-Fried's empire turned to dust in 2022. Traders watched $390 billion in market value vanish over seven days, leaving the twin pillars of bitcoin and ether reeling. The bloodshed started early when Saylor's MicroStrategy offloaded a portion of its digital treasury, signaling a retreat that quickly turned into a rout. It wasn't just a minor correction; the scale of the drawdown forced long-term holders to reconsider their floor. While the industry usually brushes off volatility, this specific wipeout stands as the most aggressive liquidation event in nearly two years. Leveraged positions were incinerated as prices sliced through psychological support levels without a hint of resistance. Investors are now left staring at a fractured chart, waiting to see if buyers have the stomach to return at these levels. Will this flush-out settle the market or is the floor still falling?