Bitcoin slipped below $60,000 over the weekend, trading around $59,940 on Sunday — down 0.6% in 24 hours and nearly 7% on the week, as a quarter of selling nears its final days.
Altcoins Lead the Decline
Ether fell 9.5% on the week to about $1,567, dogecoin dropped 11.7% to $0.073, Hyperliquid's HYPE lost 10.6%, and XRP slid 8.7% to $1.04. Solana held up better at $70, off 3.5%, and tron was the most resilient, down 1.5%.
The market spent the week leaning on bitcoin's relative steadiness while everything riskier fell faster.
Quarterly Performance Woes
With just two days left in Q2, bitcoin is on track to finish the quarter down about 12%, after a roughly 22% drop in the first quarter. Ether has fared worse, down about 25% in Q2 following a 29% Q1 fall.
Two straight losing quarters to open a year is unusual for both — having only happened twice in BTC's history. The second quarter has historically been one of bitcoin's stronger stretches, averaging gains over the past decade; back-to-back red quarters break that pattern.
What's Driving the Selling
Capital has found a current favorite in semiconductor and memory-chip stocks amid the ongoing AI boom. On the other hand, outflows from US spot bitcoin ETFs, a hawkish Federal Reserve under new Chair Kevin Warsh, and a U.S. dollar near a seven-month high have weighed on crypto throughout. A tech-stock selloff earlier in the week added to the pressure.
Traders will watch into the third quarter whether ETF outflows and soft demand ease — or whether the weakness carrying through the first half spills into the second.