Bitcoin Dips Below $60K — Third Quarter Weakness Looms
By John Nada·Jun 28, 2026·4 min read
Bitcoin dips below $60K, marking a rare back-to-back quarterly loss driven by ETF outflows and a strong dollar. Traders eye third-quarter developments.
Bitcoin slipped below $60,000 over the weekend, trading at approximately $59,940 on Sunday, marking a 0.6% drop over 24 hours and nearly a 7% decline for the week. This marks a troubling time for Bitcoin, which is poised to end the first half of the year with a roughly 12% drop in the second quarter, following a 22% decline in the first quarter, according to CoinDesk data.
Altcoins have fared worse, with Ethereum down about 25% this quarter and others like Dogecoin, HYPE, and XRP posting double-digit weekly losses. In contrast, Solana and Tron demonstrated resilience, falling just 3.5% and 1.5%, respectively. This paints a picture of a crypto market under strain, particularly as Bitcoin's second quarter has historically been robust, making this year's drop unusual.
The pressure on Bitcoin and the broader crypto market has been attributed to several factors. Outflows from U.S. spot Bitcoin ETFs have been significant, suggesting a shift in investor sentiment. The hawkish stance of the Federal Reserve under new Chair Kevin Warsh has added to the unease, with interest rate expectations contributing to the market's volatility. Furthermore, a strong dollar, which is nearing a seven-month high, has created additional headwinds for cryptocurrencies, as a stronger dollar generally makes dollar-priced assets less attractive to investors.
CoinDesk highlights these as core drivers of the current climate, coupled with a tech-stock selloff earlier in the week, which further intensified the pressure. The tech sector's downturn has been linked to broader macroeconomic concerns and a recalibration of valuations amid rising interest rates. This selloff has not only affected stock markets but has also spilled over into the crypto space, illustrating the interconnectedness of financial markets.
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Interestingly, while Bitcoin has struggled, the altcoin market has experienced even more pronounced declines. Ethereum, a major player in the altcoin space, has seen its price plummet, reflecting broader concerns about the sector's ability to maintain momentum in the face of regulatory scrutiny and market instability. Other altcoins like Dogecoin and HYPE have also faced steep declines, exacerbating the overall market downturn.
Despite these challenges, Bitcoin has managed to maintain a semblance of stability compared to its more volatile counterparts. This relative steadiness has provided some reassurance to investors, even as the overall market sentiment remains bearish. As the second quarter draws to a close, market participants are closely monitoring whether the factors driving the downturn will persist into the third quarter.
The third quarter is on the horizon, leaving traders and analysts watching closely to see if soft demand and ETF outflows will continue. The pattern of capital being drawn towards the semiconductor and memory-chip stocks amid the AI boom further delineates the divides in the investment landscape. The ongoing AI-driven demand for semiconductor stocks presents a stark contrast to the struggles faced by the crypto market, highlighting the shifting priorities of investors.
Historically, Bitcoin's second quarter has been one of its stronger stretches, averaging gains over the past decade. However, the back-to-back losing quarters to open the year break from this pattern, raising questions about the asset's performance going forward. This marks only the second time in Bitcoin's history that it has experienced two consecutive quarterly losses at the start of the year, underscoring the unusual nature of the current market conditions.
As the market navigates these challenging dynamics, the focus remains on whether Bitcoin can regain its footing and whether the altcoin market will stabilize. With the third quarter approaching, the crypto market faces a crucial period that could determine the trajectory for the rest of the year. Traders will be watching closely to see if ETF outflows and soft demand ease or if the weakness that has run through the first half carries into the second.