The token has dropped nearly 7% over the past week, with altcoins suffering even steeper declines. Both Bitcoin and Ether are poised to end the second quarter in negative territory, marking a rare instance of consecutive losses in the first half of the year—an outcome that breaks from historical trends.
Bitcoin fell below the $60,000 level over the weekend, trading near $59,940 on Sunday. The asset is down 0.6% over the past 24 hours and close to 7% on the week, according to CoinDesk data, as the quarter nears its close.
Altcoins once again led the downturn. Ether declined 9.5% over the week to around $1,567, while Dogecoin dropped 11.7% to $0.073. Hyperliquid’s HYPE fell 10.6%, and XRP slid 8.7% to $1.04. Solana showed relative resilience, easing 3.5% to $70, while Tron performed best, down just 1.5%.
Throughout the week, the broader market leaned on Bitcoin’s relative stability as higher-risk assets experienced sharper sell-offs.
With only days remaining in the quarter, the market is closing out a weak first half. Bitcoin is on track to record a roughly 12% loss in Q2 after falling about 22% in Q1, based on Coinglass data. Ether has performed worse, dropping around 25% in the second quarter following a 29% decline in the first.
Two consecutive losing quarters to begin the year is uncommon for both assets, having occurred only twice before in Bitcoin’s history. Typically, the second quarter has been one of Bitcoin’s stronger periods, making this deviation notable.
The key drivers remain unchanged. Capital has rotated into semiconductor and memory-chip stocks amid the ongoing AI boom. At the same time, persistent outflows from U.S. spot Bitcoin ETFs, a hawkish Federal Reserve under Chair Kevin Warsh, and a U.S. dollar near a seven-month high have pressured crypto markets. A tech stock sell-off earlier in the week added to the strain.
As the third quarter approaches, traders will be watching closely to see whether ETF outflows ease and demand improves, or if the weakness from the first half carries forward.
