TechFlow reported on June 28 that Bitcoin dipped below $60,000 over the weekend, trading around $59,940 on Sunday—a 0.6% decline over the past 24 hours and a nearly 7% drop for the week. Altcoins led the decline: Ethereum fell 9.5% to approximately $1,567; Dogecoin dropped 11.7% to $0.073; Hyperliquid’s HYPE slid 10.6%; and XRP declined 8.7% to $1.04. Solana performed relatively better, trading at $70 with a 3.5% decline, while TRON proved most resilient, falling only 1.5%.
The report noted that with just two days remaining, this weekend marks the end of a weak first half of the year. According to Coinglass data, Bitcoin is poised to close Q2 down roughly 12%, following a ~22% decline in Q1. Ethereum fared even worse, dropping approximately 25% in Q2 after a 29% decline in Q1. The report highlighted that two consecutive quarterly declines at the start of the year are unusual for both assets—such a scenario has occurred only twice in Bitcoin’s history. Historically, Bitcoin’s Q2 has been one of its strongest quarters, averaging gains over the past decade.
The report analyzed that the same drivers persist this month: amid an ongoing AI boom, capital is flowing into semiconductor and memory-chip stocks; meanwhile, outflows from U.S. spot Bitcoin ETFs, a hawkish Federal Reserve under new Chair Kevin Warsh, and the U.S. dollar nearing a seven-month high continue weighing on crypto markets—further exacerbated earlier this week by a broader tech-stock sell-off.
