After a lackluster performance for COIN during its listing, the crypto-wide rally into the listing stalled out, with BTC slowly falling to close to \$60k last week and the big exchange token rally stopping as well. On Sunday, though, this crash got more extreme, as a lot of the new open interest on derivatives which got opened during the rally at extremely high premia got liquidated. BTC fell below \$50k briefly and many alts got crushed even more, prior to recovering quickly to \$55k. BTC bounced around between \$53k and \$58k or so for the next few days, before a bigger crash below \$50k again on Friday morning, where it currently sits.

Prior to this crash, ETH reached its own all-time high this week, peaking above \$2600 and massively outperforming BTC. Many altcoins were also outperforming quite a bit – notable, SOL and the rest of the coins in the Solana ecosystem (SRM, FIDA, etc.) were outperforming quite a bit prior to the crypyo-wide crash on Friday morning, suggesting a general pro-DeFi bent in the markets right now, almost regardless of the underlying blockchain.