Bitcoin closed the week at $78,200, down 14.5% from last Friday and marking its worst weekly performance since the post-FTX liquidation of late 2022. The selloff accelerated Friday as the Nasdaq’s tech rout triggered a broad risk-asset deleveraging that swept through crypto with particular ferocity.
Here’s what the on-chain data says: Long liquidations hit $580 million across centralized exchanges in the 24 hours after Friday’s US equity close, per Coinglass. Open interest in BTC perpetuals dropped 18%, and funding rates flipped negative for the first time since March — meaning short positions are now paying longs to hold. Per Glassnode, exchange inflows spiked to 68,000 BTC on Friday alone, the highest single-day volume of coins moving to exchanges since the mid-May tariff scare.
The macro backdrop isn’t helping. The hot May jobs print (+172K) reduces the probability of a Fed rate cut in June or July to near zero. The CME FedWatch tool now shows a 68% probability of no cut until September at the earliest. Rate-sensitive assets of every stripe are under pressure — and crypto is the most rate-sensitive of them all.
Ethereum fell even harder than Bitcoin this week, dropping 18% to $1,940. ETH/BTC ratio hit 0.0248, its lowest since 2021. The narrative shift is clear: ETH is being traded as a tech-beta proxy, and tech-beta is exactly what investors are selling. Solana dropped 22%, and the total crypto market cap shed $320 billion — roughly the equivalent of Bank of America’s entire market cap vanishing in five days.
Watch the ETF flows next week. BTC ETFs saw $1.2 billion in net outflows this week, per Bloomberg data, breaking a four-week inflow streak. If Monday shows continued outflows, $75,000 is the level to watch — that’s where the March low sits and where realized price for short-term holders clusters. A break below that opens the door to $68,000. Core thesis hasn’t changed — macro dominance over crypto-specific catalysts remains the story for now. But the selling is real, and it’s not done yet.
