Crypto Stocks Plunge More Than Big Tech: Coinbase and Circle plummeted 69% and 72% from their highs, with Bitcoin briefly falling below $60,000, worsening the bearish sentiment

BlockBeats News, June 28th. Amid a general tech stock downturn, cryptocurrency-related stocks suffered particularly heavy losses, leading to further divergence from the overall market. Coinbase (COIN) and Circle (CRCL) plummeted 69% and 72% from their respective all-time highs, far surpassing the 48% to 57% pullback of mainstream tech stocks such as Oracle, Salesforce, Netflix, and Palantir. In contrast, the S&P 500 index only retreated 3.5% from its recent peak.

On the fundamental front, Coinbase's first-quarter performance significantly missed Wall Street's expectations, with a 21% decline in revenue and a loss per share of $1.49, while analysts had previously anticipated earnings of $0.27 per share. Bitcoin fell below $60,000 this week, marking a cumulative decline of over 54% from its October peak. Ethereum also dropped to around $1,500, down approximately 69% from last year's high, signaling a continuing deterioration in market sentiment.

In its mid-year outlook report, 21Shares revised down its 2026 crypto market expectations, noting that digital asset prices have significantly lagged behind industry fundamentals. The institution pointed out that institutional adoption is still deepening, while stablecoins, asset tokenization, and the prediction market are maintaining strong development momentum. However, the Bitcoin four-year market cycle remains the dominant force driving price trends. The report also acknowledged a previous misjudgment, stating, "Bitcoin's cycle is evolving but not broken yet," retracting its previous assertion that the four-year cycle was outdated.

Analysts believe that the deep retracement of crypto stocks reflects the overall weakness of the digital asset market, the uncertain legislative progress in the U.S. crypto market structure, and the triple pressure of the potential impact of AI technology on existing business models.