Bitcoin Slips Under $60K, Heads Toward Uncommon Consecutive Quarterly Losses

The token has declined nearly 7% over the past week, with altcoins experiencing even steeper losses. Both Bitcoin and Ether are set to close the second quarter in negative territory, marking a rare instance of back-to-back losses in the first half of the year—an outcome that diverges from typical market trends.

Bitcoin slipped below the $60,000 level over the weekend, trading near $59,940 on Sunday. It was down 0.6% over the past 24 hours and close to 7% for the week, according to CoinDesk data, as the quarter approached its close.

Altcoins once again underperformed. Ether dropped 9.5% over the week to around $1,567, while Dogecoin fell 11.7% to $0.073. Hyperliquid’s HYPE declined 10.6%, and XRP lost 8.7% to $1.04. Solana showed relative resilience, slipping 3.5% to $70, while Tron held up best, down just 1.5%.

Throughout the week, the broader market relied on Bitcoin’s relative stability as higher-risk assets saw sharper declines.

With only days remaining in the quarter, the market is wrapping up a weak first half. Bitcoin is on track to post a roughly 12% loss in the second quarter, following a 22% drop in the first, based on Coinglass data. Ether has performed worse, falling about 25% in Q2 after a 29% decline in Q1.

Two consecutive losing quarters to start the year is a rare occurrence for both assets, having happened only twice before in Bitcoin’s history. Historically, the second quarter has been one of Bitcoin’s stronger periods, making this deviation particularly notable.

The underlying pressures remain consistent. Capital has increasingly shifted toward semiconductor and memory-chip stocks amid the ongoing AI-driven rally. Meanwhile, persistent outflows from U.S. spot Bitcoin ETFs, a more hawkish Federal Reserve under Chair Kevin Warsh, and a U.S. dollar hovering near a seven-month high have weighed on the crypto market. Additional pressure came from a recent tech stock sell-off earlier in the week.

Looking ahead to the third quarter, traders will be closely monitoring whether ETF outflows subside and demand improves, or if the weakness seen in the first half continues to drag on the market.