Bitcoin Trades Near $61,300 After Worst Week Since FTX Collapse Wipes $390 Billion From Crypto

Crypto Insight Summary: # Bitcoin Trades Near $61,300 After Worst Week Since FTX Collapse Wipes $390 Billion From Crypto * Bitcoin fell about 17.3% on the week ending June 6, while ether dropped 22%, the steepest declines for both assets since November 2022. * Roughly $390 billion in value vanished and near $7 billion in leveraged positions were liquidated. * Investors pulled about $5.5 billion from U.S. spot bitcoin ETFs over 13 straight days of outflows. ## A Drawdown Not Seen Since 2022 Bitcoin closed out one of its ugliest stretches in years, dropping about 17.3% while ether fell roughly 22%, the largest weekly declines for both since November 2022, when the implosion of Sam Bankman-Fried’s FTX exchange triggered a market-wide panic. Bitcoin’s slide below $60,000 capped a stretch that wiped roughly $390 billion from the total crypto market, according to data [cited by Bloomberg](https://www.bloomberg.com/news/articles/2026-06-09/bitcoin-s-worst-week-since-ftx-crash-may-signal-more-pain-ahead). Data showing Bitcoin’s worst 7-day price performance in over 1,300 days The damage was amplified by leverage as nearly $7 billion in leveraged positions were liquidated during the sell-off, accelerating the move lower as forced selling cascaded through derivatives markets. In a note issued by Bloomberg, analysts warned the pain may not be over, adding: > “The forces currently at play seem almost benign by comparison, but that’s raising red flags for analysts, who warn that the token’s modest rebound may prove short-lived.” Crypto Insight Analysis: Direction: Bearish BTC / Bearish ETH Impact: Major Impact Horizon: Short-term (1-3 days) Reasoning: Massive liquidation and outflows signal strong bearish momentum.