Bitcoin and Ethereum head for their worst week since the FTX collapse as the crypto market sheds $390 billion.

The week's story is a $390 billion drawdown across the crypto market — the steepest weekly loss since the FTX collapse in November 2022. Sunday's partial recovery, with Bitcoin up 2.6% and Ethereum up 4.0%, looks more like a bounce within a downtrend than a reversal, given that the Fear & Greed index has fallen to 12 — a reading that historically accompanies capitulation-level selling rather than the start of a new rally. XRP led the top-15 with a 6.2% gain, followed by Solana at 4.3% and Dogecoin at 4.5%. Whether those moves represent genuine demand or a technical bounce after heavy weekly losses is unclear — no specific flow data or volume figures were available to confirm a directional shift. Analysts cited by CoinTelegraph note that Bitcoin is the most oversold it has been since the March 2020 crash. That is a factual observation about where price sits relative to recent history, not a prediction of what comes next. The broader macro backdrop — including major U.S. banks reportedly building a joint digital currency network to address deposit outflows — adds a layer of structural uncertainty to an already stressed market.

• –America's largest banks are reportedly collaborating on a shared digital currency network aimed at stemming deposit outflows — a development that could reshape how institutional money interacts with blockchain-based payment rails.
• –Bitcoin is the most oversold it has been since the March 2020 crash, according to analysts cited by CoinTelegraph — a factual measure of where price sits relative to recent trading history.
• –LAB surged 44.5% on Sunday with no specific catalyst reported — no named announcement or on-chain event was identified to explain the move.