Crypto Weekly Fallout: $5T Shockwave Flattens BTC, ETH, and TON
In Brief
A $5 trillion market crash hammered Bitcoin, Ethereum, and Toncoin as political turbulence and macroeconomic chaos sent crypto prices plummeting.
If you blinked this week, you probably missed a $5 trillion wipeout across global markets – and crypto didn’t get a free pass. Bitcoin collapsed from $88K to below $75K in a few trading days. Ethereum? Down 25% in the same stretch. Toncoin? Held out longer, but then gave up the fight too. This wasn’t just another dip – this was a macro-slap, and the charts look like they got hit with a frying pan.
Bitcoin: From “next stop $100K” to “please hold $70K” within five days
Well, that escalated quickly. One moment, Bitcoin was teasing a breakout above $88K – the next, it plunged into a freefall that looked like something out of a horror film for bulls. By April 7, it was clinging to $74K support with RSI down in the basement at 19 on the 4H – classic “oversold,” but also classic “don’t try to catch the knife.”
BTC/USD 4H Chart, Coinbase. Source: TradingView
So what triggered this? Not a crypto scandal, not an ETF rug-pull – but politics. Trump’s “Liberation Day” tariffs landed like a hammer, throwing global markets into a spiral that instantly reminded traders of 1987’s Black Monday. A 10% blanket tariff on everyone? No wonder, markets freaked out. Stocks nuked. Commodities spiked. And risk assets – including Bitcoin – were tossed overboard.
BTC tried to hold its own early on. For a minute, it even looked like it might decouple, reciting the old “digital gold” playbook. But macro gravity pulled it right back. Gold rallied, bonds surged, and Bitcoin… did not.
Gold funds monthly inflows. Source: Bloomberg
Behind the scenes, some whales were still buying – Metaplanet in Japan added to its stack, Saylor’s firm kept the faith – but retail wanted none of it. Exchange inflows dropped to 2-year lows. Sentiment tanked. And even the “buy-the-dip” crowd stayed silent.
Now, the million-satoshi question is: do we bounce from here, or is this just the intermission before a leg down to $70K? That’s the “practical bottom” according to some analysts – not because it’s fair, but because that’s where liquidity probably sits.
Ethereum: Same storm, smaller boat, more liquidations
ETH didn’t just follow Bitcoin – it tripped over it. The price got pummeled down from ~$1,900 to $1,411, and with RSI below 15, it’s officially in the “panic zone.”
ETH/USD 4H Chart, Coinbase. Source: TradingView
The kicker was a $106 million liquidation on DeFi protocol Sky. One whale, one big margin call, and a trail of liquidated longs in its wake.
ETH whale liquidations. Source: DeFi Explore
ETH’s pain wasn’t just macro, though. Its fundamentals took a hit too – weekly blob fees (the new stuff from the Dencun upgrade) collapsed to 2025 lows. L2s aren’t buzzing. Dev activity looks stagnant. Even derivatives volume is limp. ETH’s “ultrasound money” narrative is starting to sound like it’s playing on a broken record.
Source: Etherscan
And yet – ETH isn’t dead. Stablecoin activity on Ethereum is up big ($30B added in Q1), and Vitalik’s privacy push is getting traction.
Stablecoin daily active addresses on Ethereum mainnet. Source: IntoTheBlock
The rails are still running. But in a market where macro rules all, fundamentals don’t move price. Bitcoin does. So unless BTC bounces, ETH is stuck waiting in line – possibly down at $1,300 next.
Toncoin: The tiger finally flinched
…And then there’s Toncoin – which, until recently, looked like it might sidestep the mess entirely.
TON had been one of the few large-cap tokens showing relative strength into late March. While Bitcoin stumbled and Ethereum leaked lower, TON was riding high above $4, carried by Telegram-fueled optimism and a packed news cycle.
Pavel Durov was out hyping Telegram’s bond rally, citing record growth and profitability. Tonkeeper Pro rolled out on-chain 2FA with Telegram bot integration. STON.fi launched a cross-DEX liquidity aggregator. Even the base wallet got an upgrade, and TON Core unveiled a beta of its new layer-2 payment network – tailor-made for Web3 microtransactions and already being used in TON Proxy.
What could go wrong? The fundamentals seemed stacked, the vibe was colored green, but the price absolutely got wrecked.
Once BTC and ETH cracked, it didn’t matter how good the TON story sounded. Risk was off, and liquidity ran for cover. TON plunged over 30%, from $4.20 to under $2.90, with RSI hitting the teens like the rest of the market.
TON/USD 4H Chart, Coinbase. Source: TradingView
So for now, TON’s upside will hinge less on Telegram or tech rollouts, and more on whether Bitcoin can stop the bleeding. Until then, it’s just another alt riding the same ugly wave down.
So now what? Dead cat bounce, or the start of another melt-up?
Technically, we’re overdue for a relief rally. RSI on BTC and ETH is screaming oversold. The entire market looks like it just went through a blender. And historically, this kind of pain usually brings in opportunistic buyers – especially if equities start finding their feet.
But the macro backdrop is still a mess. Trump’s tariffs aren’t going away, recession odds are up, and nobody knows whether Bitcoin will go back to acting like gold – or just another tech stock with volatility issues.
If BTC can claw its way back above $76–78K soon, we might get that bounce. If not, $70K is calling. ETH at $1,300, TON at $2.5 – that’s all back on the menu.
So yeah – it’s been a week. Maybe the worst since the FTX collapse, minus the fraud. Just pure, raw macro. And it’s a reminder: in crypto, you’re not just trading tokens. You’re trading narratives. And right now, the dominant one is fear.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
