Bitcoin Falls Below $60,000 as It Heads for a Double Quarterly Loss
The drop comes alongside outflows from U.S. spot Bitcoin ETFs and pressure on altcoins like Ethereum, Solana, and XRP. A strong dollar and Fed policy are also weighing on sentiment.
Key Takeaways
- Bitcoin slipped below $60,000 over the weekend and was trading near $59,940 on Sunday, almost 7% lower than a week ago.
- Bitcoin and Ethereum are both heading toward rare back-to-back quarterly losses, while altcoins fell even harder this week.
- A strong dollar, a hawkish Fed, outflows from spot Bitcoin ETFs, and weakness in tech stocks are all adding pressure.
Bitcoin dropped below the $60,000 mark (€52,600) over the weekend and was changing hands at around $59,940 (€52,600) on Sunday. That put it down 0.6% over the past 24 hours and nearly 7% over the last week. The move comes as the second quarter of 2026 wraps up, setting up a rare stretch of back-to-back quarterly losses for Bitcoin and other major cryptocurrencies.
Unusual Double Quarterly Losses for Bitcoin and Ethereum
Bitcoin is now on pace to finish the second quarter with a loss of about 12%, after already falling roughly 22% in the first quarter. Ethereum has fared worse, down about 25% in the second quarter after a 29% decline in the first. Two negative quarters in a row are unusual, especially since the second quarter has historically been a strong period for Bitcoin. In other words, the current trend is a clear departure from the usual seasonal pattern.
Altcoins Under Pressure as the Market Looks for Stability
Altcoins took a bigger hit than Bitcoin this week. Ether fell 9.5% to about $1,567 (€1,370), Dogecoin dropped 11.7%, and XRP lost 8.7% to $1.04 (€0.91). Hyperliquid's HYPE and Solana also moved lower, falling 10.6% and 3.5%, respectively. Tron held up best, easing just 1.5%. For now, the market appears to be leaning on Bitcoin’s relative stability while more speculative assets give back more ground.
Macro Factors and ETF Flows Are Adding Pressure
A mix of macro and market-specific forces is weighing on crypto prices. A strong U.S. dollar and a hawkish Federal Reserve under Chair Kevin Warsh are both part of the picture. At the same time, outflows from U.S. spot Bitcoin ETFs and a broader selloff in tech stocks are adding to the pressure. Together, these factors are hurting demand and sentiment, and that is showing up clearly in the price action across Bitcoin and other crypto assets.
For investors and traders, the third quarter will be an important test of whether ETF outflows and softer demand start to ease, or whether the weakness that has defined the first half of the year continues. Broader financial markets and monetary policy will remain key variables to watch.
The weakness also fits into a wider rotation out of crypto and into other risk assets. In a recent market update, that shift was already visible as crypto majors lost ground while AI stocks attracted buying interest.
Why This Matters for European Crypto Investors
For European crypto investors, this backdrop points to a period of higher volatility and more caution in the market. U.S. monetary policy decisions and ETF flows can also spill over into Europe, especially in such a tightly connected global market. That makes it worth keeping a close eye on these developments, since they could shape both the European crypto market and investment strategies.
