Bitcoin, ether eye worst weekly rout since FTX collapse as cryptos shed $390 billion
Bitcoin and Ether are poised for their steepest weekly decline since the FTX collapse, as the broader crypto market shed approximately $390 billion in value. This significant drawdown, following a week initiated by a major bitcoin sale, indicates a strong bearish sentiment and potential for further capitulation.
What happened
Bitcoin and Ether are poised for their steepest weekly decline since the FTX collapse, as the broader crypto market shed approximately $390 billion in value.
The read · Jun 6
Short BTC and ETH, targeting a further 10-15% downside as capitulation continues following this week's rout.
Wrong if
A sudden shift in macro sentiment or a major institutional buy order could trigger a short squeeze.
CoverageSource: CoinDesk · Published here SAT, JUN 6 · 3:58 PM ET · the only report in this recordHow this is decided →
CRYPTODIGITAL ASSETSCOINDESK
The story1 min read
The read, in fullWhy it matters
The crypto market has experienced a significant and broad-based sell-off, with BTC and ETH leading the decline to post their worst weekly rout since the FTX collapse. This indicates a breakdown of support and strong bearish momentum, suggesting further downside is probable as weaker hands capitulate. A tactical short is warranted to capture continued downside pressure.
The arc● Open · no developments yet
· Published
The read above, as written. kept as written
Next · what would move this
Tactical / 1-2 weeks. Follow to be told when one lands.
Receipts
CoinDesk — the original3:58 PM
Research, not advice.
Kept as written · your side, if you take one, is graded privately against licensed closes after 10 trading days · nothing here is advice · How the Wire is made →