The cryptocurrency has dropped nearly 7% this week, with altcoins experiencing even steeper declines. Both Bitcoin and ether are concluding the second quarter in negative territory, marking an unusual back-to-back losing first half.
By Shaurya MalwaUpdated Jun 28, 2026, 7:13 a.m. Published Jun 28, 2026, 7:10 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- Bitcoin has fallen below the $60,000 mark, closing in on a 12% decline for the second quarter after a 22% drop in the first quarter.
- Major altcoins have experienced even greater losses, with ether down approximately 25% this quarter, while other tokens like dogecoin, HYPE, and XRP have suffered double-digit weekly declines, although tron and solana have shown relative strength.
- The consecutive quarterly losses, attributed to outflows from U.S. spot bitcoin ETFs, a hawkish stance from the Federal Reserve, and a robust dollar, diverge from bitcoin's historically strong performance in the second quarter, raising concerns about whether this trend will continue into the third quarter.
Bitcoin traded below $60,000 over the weekend, priced at around $59,940 on Sunday, reflecting a 0.6% drop over a 24-hour period and a nearly 7% decline for the week, based on CoinDesk data, as the quarter of selling approached its conclusion.
Altcoins also faced significant downward pressure. Ether dropped 9.5% over the week, reaching about $1,567, while dogecoin fell 11.7% to $0.073, HYPE declined by 10.6%, and XRP decreased by 8.7% to $1.04. Solana performed relatively better at $70, down 3.5%, while tron was the most resilient, decreasing just 1.5%.
Throughout the week, the market has relied on bitcoin's relative stability while riskier assets have plummeted more quickly.
As the weekend concludes a weak first half of the year, with only two days remaining, Bitcoin is expected to finish the second quarter down approximately 12%, following a roughly 22% drop in the first quarter, according to Coinglass data. Ether has performed even worse, down about 25% in the second quarter after a 29% fall in the first quarter.
Experiencing two consecutive losing quarters at the start of the year is uncommon for both assets, having occurred only twice in Bitcoin's history. Typically, the second quarter is one of Bitcoin's stronger periods, averaging gains over the past decade, making this pattern of back-to-back losses unusual.
The factors contributing to these trends remain consistent with those observed throughout the month. Investors are currently favoring semiconductor and memory-chip stocks due to the ongoing AI boom. Conversely, outflows from U.S. spot bitcoin ETFs, a hawkish Federal Reserve under new chair Kevin Warsh, and a U.S. dollar nearing a seven-month high have negatively impacted the crypto market, compounded by a tech-stock selloff earlier in the week.
Market participants will closely monitor the third quarter to see if ETF outflows and weak demand stabilize or if the downward trend from the first half continues into the latter half of the year.
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