Market context
Ethereum's selloff didn't happen in isolation. Bitcoin lost the $65,000 monthly EMA50 and slid to $59,000 after the Bureau of Labor Statistics reported May non-farm payrolls of 172,000, more than double the 85,000 Wall Street consensus. BNP Paribas told clients the print opens the door to as many as three additional Federal Reserve hikes, a scenario that historically punishes long-duration risk. Spot Bitcoin ETFs logged a 14th straight session of outflows, with cumulative redemptions approaching $5 billion since the streak began. CoinGlass tallied $545 million in total crypto liquidations Friday, $444 million of them long positions.
Crypto Briefing called the seven-day move the heaviest weekly drawdown for BTC and ETH since the FTX collapse, with roughly $390 billion in combined market cap wiped out. Bloomberg's Mike McGlone warned over the weekend that the macro hangover could drag Bitcoin to $10,000, a call worth filing under the bear-case bookmark rather than the base case, but one worth noting in a market that has stopped pretending it's decoupled from rate expectations.
Ether is caught in the wash. The Bitmine $300 million raise announced this week was framed as accelerating ETH accumulation, a reminder that institutional demand has not vanished even as price has. Bank of New York Mellon, the world's largest custodian, expanded its Bitcoin and Ethereum custody offering through an Abu Dhabi partnership announced earlier this week. The infrastructure layer keeps building. The flow picture, for now, doesn't agree.