Crypto markets entered the weekend under heavy pressure as bitcoin and ether extended one of their steepest weekly declines in years. CoinDesk reported that the move put both assets on pace for their worst weekly rout since the FTX collapse, with the broader market losing roughly $390 billion in value.

Independent market data backed up the scale of the selloff, though live prices continued to move. CoinGecko showed bitcoin near $60,600 and ether near $1,555 shortly after the report, with seven-day declines of about 18% and 23%, respectively. Its global market snapshot placed total crypto market capitalization near $2.17 trillion.

The drawdown matters because bitcoin and ether remain the main liquidity anchors for crypto markets. A simultaneous double-digit weekly decline in both assets typically tightens risk appetite across decentralized finance, exchange tokens, liquid staking positions and collateralized lending markets, even when there is no single protocol failure driving the move.

The latest data does not point to a narrow Ethereum-specific incident or a Base ecosystem disruption. It looks more like a broad risk-off reset after a period of crowded positioning. That distinction is important for builders and investors: infrastructure continued to operate, but market prices repriced sharply enough to affect collateral buffers, treasury marks and launch timing for risk-sensitive crypto products.