The crypto market has turned bright red, like an autopsy table after a poorly anesthetized crash. Bitcoin is falling, altcoins are stalling, and traders are observing their screens with the coldness of a forensic scientist. This time, the wound is not local: Ethereum opens the wound, then the entire altcoin segment begins to bleed.
In brief
- Ethereum falls nearly 22% over a week, triggering a wave of massive liquidations.
- The capitalization of altcoins falls below 880 billion, confirming a strong loss of current confidence.
- Around 83% of Binance altcoins remain below their 200-day moving average.
- Zcash collapses after discovery of ancient flaw in its protected Orchard system.
Ethereum opens the trap and altcoins fall in cascade
Ethereum triggered the most visible movement of this correction. On June 5, ETH lost approximately 10% in twenty-four hours, falling from just over $1,700 to $1,545. This level had not been observed since April 2025. Over a week, Ethereum has now fallen by almost 22%despite a still positive annual performance.
The shock also hit the lever. Approximately $468 million in positions were liquidated, including $408 million in long positions. Legally speaking, the market simply applied its most brutal clause: no margin, immediate liquidation. BNB, XRP and SOL also fell, but without exceeding 10% decline.
However, this relative resistance was not enough. The global capitalization of altcoins fell below $880 billion, confirming a clear breakdown in confidence.
The crypto market has been showing weakness for months
The current fall does not come out of a blue sky. Since October 2025, altcoins have been operating in a very degraded technical zone. According to the data relayed by Darkfost83% of altcoins listed on Binance are trading below their 200-day moving average. This threshold often serves as a boundary between a healthy trend and a sick market.
Darkfost summarizes the diagnosis precisely:
The situation continues to deteriorate for altcoins. This segment of the market has been struggling since December 2024, with very few signs of a lasting recovery so far.
Source: X / @Darkfost_Coc
TOTAL3, which measures altcoins excluding Ethereum, falls towards $670 billion. This represents approximately 520 billion erased since the peak of the cycle. In this financial autopsy, the cause of death is therefore not a single red candlestick. It is mainly due to chronic weakness, visible for several months.
520 billion evaporated: traders are still looking for the floor
The external context further aggravates the situation. Bitcoin lost nearly 4%, while the S&P 500 fell 2.6% and the Nasdaq 4.7%. Stocks linked to AI and semiconductors weighed heavily on the markets. This macro pressure reduces the appetite for risky assets, including the most fragile crypto products.
Zcash adds a much more technical layer to the malaise. ZEC fell more than 40%, from around $540 to $264.80. This drop is linked to an old flaw in the Orchard pool, present since 2022. An emergency patch was deployed, but the damage was already done. Monero has reclaimed the top spot among privacy cryptos.
At the same time, some rotations appear. David Hoffman would have left Ethereum to reposition himself on ZEC, HYPE, NEAR, VVV and LIT. This shows that some investors are still looking for surviving themes.
Figures from the autopsy report
- Ethereum loses almost 22% over one week;
- Altcoin capitalization fell below $880 billion;
- TOTAL3 has given up around 520 billion since its peak;
- Zcash falls by more than 40% in twenty-four hours;
- ETH price at the time of writing: $1,557.
Bitcoin, queen of cryptos, is also going through its own debacle. Its fall towards $59,100 is a reminder that the storm is overtaking Ethereum. When the dominant asset returns to levels forgotten since 2024, the entire crypto market understands that the entire body remains under surveillance.
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