Bitcoin Falls Below $60K, Set for Rare Back-to-Back Loss
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- Bitcoin slipped below $60,000 over the weekend, trading around $59,940 on Sunday, down 0.6% over 24 hours and nearly 7% on the week per CoinDesk data
- Bitcoin is on track to finish Q2 down about 12% after a 22% Q1 decline, with back-to-back losing quarters to open a year having occurred only twice in its history
- Ether led altcoin declines at 9.5% on the week to about $1,567, with dogecoin dropping 11.7%, Hyperliquid's HYPE off 10.6%, and XRP sliding 8.7% to $1.04
- Solana and tron proved relatively more resilient, down 3.5% to $70 and 1.5% respectively
- Kevin Warsh's hawkish Federal Reserve, outflows from US spot bitcoin ETFs, and a US dollar near a seven-month high have defined the month's selling pressure
- Capital has rotated into semiconductor and memory-chip stocks amid the ongoing AI boom, with a tech-stock selloff earlier in the week adding to crypto's losses
- Q2 has historically been one of Bitcoin's strongest stretches, averaging gains over the past decade — making the current weakness a notable break from pattern
Why it matters: With back-to-back quarterly losses at the start of a year having occurred only twice in Bitcoin's history and Q2 historically averaging gains, the 12% Q2 decline after a 22% Q1 drop breaks a long-standing seasonal pattern. Capital has rotated from crypto into semiconductor and memory-chip stocks riding the AI boom, leaving ETF outflows as the swing factor traders will watch into Q3.
