Crypto markets remained under heavy pressure into Friday morning, with total market capitalization down 5.8% to $2.34 trillion as of 06:00 ET, following an even steeper 10.9% decline during Thursday’s afternoon session. Selling was broad-based across Layer-1s, DeFi, and Metaverse tokens, with Bitcoin falling 6.7% over the past 24 hours to $65,905 and now down more than 20% over the past week, while Ethereum declined 7.9% to $1,925, extending its seven-day drawdown to nearly 30%. Other major Layer-1s also saw sharp losses, including Solana (-10.5%), BNB (-8.2%), Avalanche (-7.5%), and Cardano (-3.9%). Declines were mirrored across DeFi and Metaverse assets, with Aave, Uniswap, Chainlink, Axie Infinity, and The Sandbox all posting double-digit weekly losses. Notable gainers were limited, with MemeCore and MYX Finance modestly higher amid otherwise risk-off conditions.
The ongoing price weakness is increasingly impacting corporate digital asset treasuries, with large holders facing multi-billion-dollar unrealized losses after accumulating near recent highs. Strategy (MSTR), the largest corporate Bitcoin holder, is now sitting on an estimated $6.4 billion unrealized loss at current BTC levels, while Metaplanet, Galaxy Digital, Nakamoto, and others are also deeply underwater on their holdings. In Ethereum, BitMine Immersion’s large ETH position has lost approximately $1.5 billion in value over the past several days alone. Notably, Empery Digital announced plans to begin selling its Bitcoin holdings to fund share repurchases, highlighting a potential shift in corporate treasury behavior as firms reassess the opportunity cost of holding digital assets amid a prolonged market drawdown.
