Bitcoin briefly fell below $60,000 during the last week of June before buyers intervened, capping a tumultuous seven days driven almost entirely by macroeconomic forces rather than anything crypto-related. As of the latest data, Bitcoin is trading at $59,873, Ethereum at $1,564, XRP at $1.04, and Solana at $70.37.
What prompted the sales?
Expectations of higher interest rates for a longer period, a stronger US dollar, continued ETF outflows, and widespread deleveraging across derivatives markets combined to push the market lower. Long liquidations exceeding $1 billion amplified the move, a reminder of how leverage continues to amplify short-term price movement.
Where all assets fell
Bitcoin’s decline found buyers at levels historically associated with long-term accumulation areas, which Avinash Shekhar, co-founder and CEO of Pi42, described as the most important signal of the week. “What stands out is not the decline itself, but where it found support,” he said in an interview with Coinpedia.
Ethereum underperformed the broader market, falling 9.84% over the week to $1,564. XRP showed relative resilience, giving up fewer gains than most major altcoins and ending the week at $1.04, supported by continued institutional interest linked to the growth of ETF products. Solana has held up relatively well at $70.37, reflecting continued confidence in its ecosystem’s development activity. Dogecoin fell but remained reactive, ending the week down 11.97% at $0.073, consistent with its history of quick responses to changes in sentiment.
Capital has become selective
Shekhar identified a broader structural shift in how money moves through the market. “Capital is becoming increasingly selective,” he said. “Instead of moving uniformly across the market, investors are differentiating between assets based on liquidity, institutional participation, and ecosystem fundamentals. This represents a marked shift from previous market cycles, where momentum alone often led to broad-based rallies.”
Bitcoin ETFs recorded $1.79 billion in weekly outflows, the second-largest weekly sell-off since launch. Combined unrealized losses for Michael Saylor and Tom Lee reached $24.5 billion during the week, according to cross-chain tracking.
What comes next?
Shekhar said the digital asset’s next directional move will likely be determined by institutional flow data, macroeconomic readings and monetary policy signals. A rebound in ETF flows, easing inflation, and improving global liquidity conditions could lay the foundation for renewed momentum. Until these conditions change, markets are expected to remain range-bound with increased sensitivity to economic data.
“But the broader picture is still constructive,” Shekhar said. “Enterprise adoption, blockchain infrastructure development, and real-world use cases continue to expand despite near-term volatility. Periods of consolidation are increasingly becoming opportunities for stronger fundamentals to emerge.”
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