Bitcoin Records Rare Back-to-Back Quarterly Decline

BlockBeats News, June 28th. Bitcoin fell below $60,000 over the weekend, with a cumulative decline of about 7% in the past week. As the second quarter comes to a close, Bitcoin is expected to see a quarterly decline of around 12%, following a 22% decline in the first quarter, potentially setting a rare record of consecutive quarterly declines in history.

Meanwhile, altcoins have generally seen larger declines than Bitcoin. In the past week, Ethereum has fallen by about 9.5%, Dogecoin by 11.7%, HYPE by 10.6%, XRP by 8.7%, Solana by 3.5%, and TRON by approximately 1.5%.

Analysts believe that the continued pressure on the market is mainly influenced by multiple factors, including funds flowing into AI-driven semiconductor and storage chip sectors, continuous outflows from the U.S. spot Bitcoin ETF, the Fed maintaining a hawkish stance, and the U.S. Dollar Index holding at high levels. The market will pay attention to the third-quarter ETF fund flows and whether demand improves to assess whether the crypto market can break away from the weak trend seen in the first half of the year.