The global cryptocurrency market expanded its downward trajectory over the past week as mounting macroeconomic uncertainty, persistent weakness in technology stocks, and heightened geopolitical tensions weighed heavily on investor sentiment. Leading digital currency Bitcoin (BTC) broke below the critical $70,000 threshold for the first time since August. This downturn across benchmark digital assets has pulled down the broader altcoin ecosystem, inflicting double-digit weekly losses on several prominent tokens.
Macroeconomic Headwinds and Bitcoin's Downward Slide
Bitcoin has registered a correction of over 7% so far this week, hitting an intraday low of $67,568 on Friday. Market participants point to accelerating liquidations in derivatives markets, sustained capital outflows from spot ETFs, and broad risk aversion across financial markets as key catalysts keeping BTC vulnerable to further downside pressure. The spot price of Bitcoin continues to struggle below $69,000, effectively dismantling hopes of an late-autumn recovery rally.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, also bucked under the pressure and slipped below the $2,000 level. Concurrently, Ripple (XRP) has been hovering near $1.00 on Friday. XRP has remained under persistent downward pressure since November 5, a move initially triggered by the $6.3 billion Binance security exploit and subsequently amplified by policy uncertainties surrounding the US midterm elections.
RAIN Drops 36% Following $165.66 Million Token Unlock
Rain (RAIN) led the weekly decline among major altcoins, plunging 36% over the seven-day period. The steep sell-off coincided with a scheduled token unlock event on Tuesday, which released approximately $165.66 million worth of RAIN into active circulation.
The sudden addition of circulating supply significantly heightened immediate selling pressure, coming right when macro market liquidity was already deteriorating. Over the past 24 hours, RAIN has edged down an additional 1.2% as selling absorption remains weak.
Bitway Reverses Prior Gains Amid Thin Liquidity
Bitway (BTW) experienced a 32% decline over the past week, unwinding much of its recent price momentum as selling intensified across high-volatility digital assets.
Order book liquidity constraints amplified price volatility during the downturn. BTW is currently trading around $0.81, reflecting a 16% fall over the past 24 hours. The token now sits 70% below its all-time high price recorded on October 14.
Zcash Drops 30% Ahead of $50 Million Treasury Governance Vote
Privacy coin Zcash (ZEC) recorded a 30% weekly drop, sliding to $944. The asset faced selling pressure as market participants digested an upcoming governance vote within the community.
Zcash token holders are evaluating a proposal to remove 50,000 ZEC, valued at approximately $50 million at the time of reporting, from the community grants treasury. With the voting window scheduled between November 16 and November 30, governance uncertainty has prompted investors to reduce exposure.
Ethena Offloaded by Whale Holder Transferring 102 Million ENA
Ethena (ENA) fell 19% over the seven-day timeframe. The token suffered from broader market weakness alongside concentrated selling by a major token holder.
Blockchain analytics platform Lookonchain reported on Wednesday that a prominent wallet address transferred its remaining 102 million ENA, worth roughly $15.6 million, to Coinbase over a two-day period. The tokens were offloaded at an average price of $0.24, putting direct downward pressure on spot valuations.
DeFi Leaders Uniswap and Aave Face Extended Profit-Taking
Decentralized finance (DeFi) blue-chip assets were not spared from the market-wide correction. Uniswap (UNI) slid 17% over the week, moving down to trade around $5.70. Following a strong performance in the preceding month, UNI became susceptible to profit-taking as broader risk sentiment soured. UNI is down 4.5% over the past 24 hours.
Similarly, Aave (AAVE) ranked among the week's worst performers, shedding 16% to trade near $111. The lending protocol token faced intense liquidation alongside other large-cap altcoins, slipping 2.2% in the last 24 hours.
Pump.fun Declines 15% as Speculative Memecoin Trading Cools
Speculative asset launch platform Pump.fun (PUMP) saw its token fall 15% over the seven-day period as traders pulled back from high-risk crypto sectors.
The price decline aligns with a noticeable slowdown in overall memecoin trading volume across public blockchains, which has historically served as the primary revenue generator for the platform. Despite the weekly drawdown, PUMP managed a minor 3% gain over the past 24 hours.
