Bitcoin just put in its worst weekly performance since the November 2022 FTX collapse, according to Bloomberg data cited by Cointelegraph on June 10, 2026. The comparison matters because the FTX implosion remains the reference point for the deepest crypto drawdowns of the last cycle, and the market is now trading with that ghost in the room again.
As of June 10, 2026, BTC changed hands near $61,260, down 3.17% on the day and 7.54% over the past seven days, per CoinMarketCap. The rest of the majors fell harder. ETH traded around $1,624, off 11.72% on the week. SOL sat at $64.19, down 12.92% over seven days. XRP held $1.11 after an 8.02% weekly slide, and BNB was near $584.63, down 7.82%. The CoinMarketCap Fear & Greed index printed 14, squarely in extreme fear.
A weekly drop measured against the last great unwind
The headline is the weekly number, not the daily one. Single-day red candles are routine in crypto. A seven-day stretch that ranks as the worst since the FTX failure is a different category of event, because it signals sustained selling rather than a one-session shakeout. Bloomberg's framing puts the current week alongside the period when Sam Bankman-Fried's exchange collapsed and dragged the entire market into a months-long bear phase.
Two things separate this episode from late 2022, at least so far. There is no single insolvency at the center of the move, and the absolute price level is much higher than the sub-$20,000 prints that followed FTX. The selling this time has been broad and macro-flavored rather than tied to one blown-up balance sheet. That distinction does not soften the weekly tape, but it does change the diagnosis from contagion to repricing.
Altcoins absorbing the heavier blow
Bitcoin lost ground, but the steeper damage landed on assets further out on the risk curve. ETH down nearly 12% and SOL down nearly 13% on the week is the familiar pattern of a risk-off crypto market: capital exits the longer-duration bets first. When BTC dominance climbs during a selloff, it usually means traders are not buying the dip so much as rotating toward the asset they expect to bleed least.
For anyone holding a basket rather than pure Bitcoin, the weekly spread between BTC and the large-cap alts is the number to watch. A 4 to 5 percentage-point gap over seven days is a real divergence, and it tends to widen further if fear deepens.
Extreme fear as a contrarian marker, with caveats
A Fear & Greed reading of 14 is the kind of print that long-term buyers screenshot. Historically, single-digit and low-teens readings have clustered near local bottoms more often than near tops. That is a tendency, not a guarantee, and "extreme fear" has stayed extreme for weeks at a time during genuine bear markets. This is observational, not financial advice.
The honest read is that sentiment gauges tell you positioning is crowded and nervous. They do not tell you the floor is in. The same index sat in extreme fear through several recent sessions covered on this site, so a low number alone is not new information. The new information is the weekly-performance ranking against FTX.
A drawdown like this and your card spending power
Deep weeks like this one expose a design choice that crypto card users make every time they fund a card. Spending directly from a volatile BTC or ETH balance means a 7 to 12% weekly move changes your real purchasing power before you ever tap to pay. Crossing the bridge at the wrong moment locks in a loss that a stablecoin balance would have avoided.
That is the practical case for stablecoin-funded spending during high-volatility stretches: it separates your spending wallet from your investment thesis. Holders who want BTC upside can keep their stack untouched and route day-to-day payments through a USDC or USDT balance instead of selling into a falling market to cover a purchase. The trade-off is giving up any rebound on the spent amount, which is exactly why funding choices should track your own time horizon rather than the day's candle.
None of this changes the underlying call on direction. It changes the mechanics of how a drawdown touches your wallet at the point of sale.
Overview
Bitcoin recorded its worst week since the November 2022 FTX collapse, per Bloomberg data reported by Cointelegraph. As of June 10, 2026, BTC traded near $61,260 (down 7.54% over seven days), with ETH, SOL, XRP and BNB all falling harder on the week and the Fear & Greed index at 14 (extreme fear). Unlike 2022, there is no central insolvency driving the move, and prices remain far above post-FTX lows. The weekly ranking is the signal worth tracking, and for card users it is a reminder that funding source, not just market direction, decides how a selloff hits spending power.
