Monday's Asian session opens with markets trying to regain balance.
The global cryptocurrency market cap is moving through a phase of uneasy relief lately. Just last week, Bitcoin price pushed toward $78,000 before the weekend mood shifted sharply after a security incident in the Ethereum ecosystem rattled sentiment.
On a 7-day basis, major assets are still in positive territory, but the weekend was anything but stable. Now that the new week is underway, attention is back on Bitcoin's (BTC) resilience, Ethereum's (ETH) response to fresh decentralized finance (DeFi) pressure, and what Shiba Inu's (SHIB) rebound says about risk appetite across the market.
Bitcoin holds its ground above a key support of $74K
Bitcoin remains the market's main anchor, trading at $74,583.72 at the time of writing. Even after pulling back from its weekend high near $78,000, the Bitcoin price is still up 5% over the past week.
BTC-USD price chart. Source: Toobit
The weekend decline, which picked up late on Saturday (April 18), reflected a broader risk-off reaction as stress spread beyond smaller tokens and into the wider market. Even so, BTC continues to defend the $74,000 area, which now looks like an important psychological and technical support zone.
What stands out is that Bitcoin did not fully unravel with the rest of the selloff on Saturday. The market is still treating BTC as the strongest asset in the room, especially after the U.S. Securities and Exchange Commissions' (SEC) Token Taxonomy reclassified BTC and ETH as digital commodities. This regulatory confirmation helped reinforce institutional confidence.
As Asian trading resumed Monday, the chart began to show signs of stabilization, hinting that the first wave of panic selling may already have burned through.
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Ethereum recovers from KelpDAO shock
Ethereum has faced a much rougher 48 hours: ETH is currently sitting at $2,284.75, still up 4.08% on the week, but notably below its weekend peak near $2,480.
ETH-USD price chart. Source: Toobit
The main trigger was the KelpDAO security incident. An exploit tied to a cross-chain bridge reportedly led to the theft of around 116,500 rsETH, valued at roughly $292 million. That de-pegging then spilled into Aave V3, where rsETH had been widely used as collateral.
This is where the Ethereum price came under more direct pressure.
The resulting bad debt on Aave triggered a wave of liquidations, pushing ETH lower as automated selling accelerated the move. Despite that, the wider market appears to view this as a localized DeFi stress event rather than a structural problem with Ethereum itself.
That distinction matters. Ethereum remains tied to a much bigger long-term narrative, especially as the Ethereum Foundation continues advancing its 2026 roadmap and the Glamsterdam upgrade remains on the horizon. For now, the weekend selloff looks more like a sharp ecosystem shock than a deeper loss of confidence in the network.
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Shiba Inu reflects the return of speculative risk
Shiba Inu remains a useful read on retail sentiment and liquidity conditions.
The Shiba Inu price is currently $0.00000597, leaving SHIB price up 2.93% over the past week, though weekend price action was far from calm.
SHIB-USD price chart. Source: Toobit
As liquidity tightened and the Aave freeze hit confidence, high-beta assets like SHIB usually react first and more aggressively. SHIB fell by around 8% from its weekend peak near $0.00000650, which was significantly greater in percentage than majors.
What is notable is the Monday rebound. SHIB’s bounce broadly tracks Ethereum’s recovery, which suggests speculative capital is slowly stepping back in as fears of wider contagion begin to ease.
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Why the market sold off so quickly
The weekend slide came from a messy mix of thin liquidity, DeFi liquidations, and profit-taking.
With fewer large buyers active, negative headlines hit harder. Forced selling around Aave and rsETH then accelerated the move, while sellers also took profit after last week’s rally.
The bottom line
As the week unfolds, attention will stay fixed on the Aave governance forums, any updates on reopening affected markets, and the final assessment of KelpDAO-related losses.
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For Bitcoin, the immediate question is whether the BTC price can continue holding above $74,000. If it can, the weekend drop may end up looking like a short-lived disruption rather than a bigger trend shift.
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For Ethereum, the price now needs to show it can absorb DeFi-specific stress without dragging the wider market back into another round of disorder.
If these happen, the recent weekend fiasco may be remembered less as a turning point and more as a harsh reminder that ecosystem risk can still move fast, even in a stronger 2026 market backdrop.
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