Bitcoin Heads for Rare Back-to-Back Quarterly Loss as Altcoins Struggle
Bitcoin is trading near $60,000 and on track for a rare back-to-back quarterly loss, down about 12% this quarter after a 22% drop in Q1. The selloff bottomed at $58,115 on June 26, a 20-month low. Contributing factors include steady outflows from spot Bitcoin ETFs ($1.79B last week), a hawkish Fed under Kevin Warsh, a strong dollar, and capital rotation into AI-related stocks. Altcoins have fared worse, with Ethereum down 25% this quarter and 47% year-to-date, while Dogecoin, XRP, and HYPE posted double-digit weekly losses. However, historical data shows that prior back-to-back red six-month candles in 2018 and 2022 were followed by three-year uptrends. The Fear and Greed Index at 18 (Extreme Fear) suggests potential capitulation or a bottom. Other news: Brian Armstrong defended Coinbase against gambling accusations; CZ cited AI and global tensions for crypto's 2026 decline; Strategy's mNAV fell below 1; ANSEM memecoin ran to $120M before crashing back to $80M.
Key facts
- BTC flat at $59.8k, down 12% this quarter after 22% Q1 drop
- Spot Bitcoin ETFs saw $1.79B outflows last week, $444M on Friday
- Brian Armstrong defends Coinbase app amid gambling criticism
- Unlicensed crypto firms face EU trouble before July 1 MiCa deadline
- Memecoin ANSEM surged to $120M then crashed back to $80M