Major Cryptocurrencies Drop 11% Over the Past Week as Mutuum Finance (MUTM) Reports $20.6 Million Raised

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Major cryptocurrencies have declined between 7% and 11% over the past week as bitcoin remains confined to a $60,000–$70,000 range, trading near $62,900 and struggling to establish upward momentum. Ethereum, XRP, Solana and dogecoin have underperformed, reflecting broader risk aversion and elevated sell-side pressure across the market. Analysts warn that bitcoin’s prolonged inability to break higher is increasingly tilting the short-term technical outlook toward the bears.

Amid this environment, on-chain data also show selective capital flows into specific projects. While large-cap assets consolidate under macro and technical pressure, newer utility-focused protocols such as Mutuum Finance (MUTM) have continued to report inflows, highlighting a divergence in positioning during the broader market slowdown.

Bitcoin, Ethereum and Altcoins Record 7–11% Weekly Declines

Major cryptocurrencies declined between 7% and 11% over the past week as bitcoin remained locked inside a $60,000–$70,000 trading range. Bitcoin traded near $62,900 on Tuesday, down 2.1% on the day and roughly 7.5% on the week, extending a gradual downturn that has yet to produce either a decisive breakdown or a sustained rebound. Ethereum fell about 8% over the same period to around $1,829, while XRP dropped 10.8%, Solana lost 11.3%, and dogecoin retreated nearly 10%, reflecting broader weakness across large-cap altcoins.

On-chain data indicate elevated sell-side pressure, particularly among altcoins, where distribution has reached five-year highs according to CryptoQuant. The current decline has been characterized by steady structural selling rather than sharp liquidation events, resulting in a slower drawdown that has not triggered aggressive dip-buying activity. Analysts note that bitcoin’s inability to reclaim higher levels is shifting the short-term technical bias toward the downside, with a break below the mid-$65,000 area potentially confirming further weakness, while a move above $70,000 would invalidate bearish formations.

Broader macro factors are also weighing on sentiment. A renewed “AI scare trade” in equities has prompted risk-off positioning across technology-linked assets, indirectly affecting crypto markets. Bitcoin now trades approximately 48% below its October all-time high and remains beneath its 2021 peak of $69,000. The longer price action remains confined within the current range without establishing higher ground, analysts warn, the more the technical outlook tilts toward continued downside pressure.

Mutuum Finance

Mutuum Finance has reported more than $20.6 million raised to date, with over 19,000 holders of its native MUTM token, currently priced at $0.04. The team also stated that the Sepolia beta environment has surpassed $90 million in testnet total value locked (TVL), reflecting simulated liquidity activity during early-stage testing.

The project’s V1 protocol is now live on the Sepolia testnet, where users can mint supported assets including USDT, ETH, WBTC, and LINK. The beta version allows participants to interact with core lending and borrowing mechanics in a test environment before full mainnet deployment.

On-chain data further indicate that shortly after the beta release announcement, larger transactions were recorded, including transfers exceeding $240,000 in value from a single investor wallet.

Prior to the V1 protocol release, the lending and borrowing smart contracts underwent a security audit conducted by Halborn. The review was completed before the beta deployment, with the firm verifying the core contract logic and risk parameters ahead of public testing.

In addition to the protocol-level audit, the MUTM token smart contract was previously reviewed by CertiK. The assessment resulted in a Token Scan score of 90 out of 100.

How Mutuum Works

Mutuum Finance is a decentralized lending and borrowing platform built on the Ethereum network. The protocol allows users to supply and borrow crypto assets in a non-custodial environment, meaning participants retain control of their wallets and interact directly with smart contracts.

When users deposit assets into the platform, they receive corresponding mtTokens on a 1:1 basis. For example, supplying ETH results in the issuance of mtETH, which represents the depositor’s position in the liquidity pool and accrues interest over time.

mtTokens can also be staked within the ecosystem. Under the project’s model, a portion of revenue generated from protocol activity is allocated to purchasing MUTM tokens on the open market. These tokens are then distributed to users who stake their mtTokens, creating an additional reward mechanism tied to platform usage.

Limited supply

The total supply of MUTM is capped at 4 billion tokens. According to the project’s token allocation framework, 5% of the total supply has been designated for incentives. This allocation is intended to support community initiatives, including giveaways, leaderboard rewards, and other participation-based programs within the ecosystem.

Major cryptocurrencies closed the week lower, with price action remaining confined within established technical ranges amid continued macro uncertainty. Selling pressure has been more pronounced in large-cap altcoins, while bitcoin remains range-bound without a confirmed breakout in either direction.

At the same time, selected projects continue to report capital inflows and development updates, indicating that market activity has not fully stalled despite the broader pullback. The direction of the next move will likely depend on macro catalysts and whether Bitcoin can decisively exit its current trading range.