Bitcoin plunged 13% over the week, sending shockwaves through the cryptocurrency market. Ethereum followed suit, shedding 12.1% of its value, while Solana took the largest hit, plummeting 15.7%. Amid the chaos, $2.0B in positions were liquidated, with a whopping 88% of those being long positions.
As the marketcap plummeted, a few coins bucked the trend. Hedera (H) surged 122%, while Worldcoin (WLD) gained 106%, and DEXE rose 21%. Meanwhile, Cardano (ADA), TAO, and Bitcoin Cash (BCH) suffered losses of 19%, 17%, and 17% respectively. Amid the uncertainty, market players pointed to various factors, including a potential 'capital rotation' into AI, as cited by Michael Saylor, and outflows from a Bitcoin spot ETF, as highlighted by Citi. The verdict: Bears reign supreme.