Bitcoin briefly dipped below $60,000 during the final week of June before buyers stepped in, capping a turbulent seven days driven almost entirely by macroeconomic forces rather than anything crypto-native. As of the latest data, Bitcoin trades at $59,873, Ethereum at $1,564, XRP at $1.04, and Solana at $70.37.
What Drove the Selloff
Expectations of higher interest rates for longer, a stronger US dollar, continued ETF outflows, and broad deleveraging across derivatives markets combined to push the market lower. More than $1 billion in long liquidations amplified the move, a reminder of how leverage continues to magnify short-term price action.
Where Each Asset Landed
Bitcoin’s decline found buyers at levels historically associated with long-term accumulation zones, which Avinash Shekhar, Co-founder and CEO of Pi42, described as the more significant signal from 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, sliding 9.84% on the week to $1,564. XRP showed relative resilience, losing less ground than most major altcoins and ending the week at $1.04, supported by sustained institutional interest tied to spot ETF product growth. Solana held up comparatively well at $70.37, reflecting continued confidence in its ecosystem’s development activity. Dogecoin dropped but remained reactive, ending down 11.97% on the week at $0.073, consistent with its history of quick responses to sentiment shifts.
Capital Is Becoming Selective
Shekhar identified a broader structural shift in how money is moving through the market. “Capital is becoming increasingly selective,” he said. “Rather than moving uniformly across the market, investors are differentiating between assets based on liquidity, institutional participation and ecosystem fundamentals. This marks a notable shift from previous market cycles, where momentum alone often drove broad-based rallies.”
Bitcoin ETFs recorded $1.79 billion in weekly outflows, the second-largest weekly sell-off since their launch. Combined unrealised losses for Michael Saylor and Tom Lee reached $24.5 billion during the week, according to on-chain tracking.
What Comes Next
Shekhar said the next directional move for digital assets will likely be determined by institutional flow data, macroeconomic readings, and monetary policy signals. A recovery in ETF inflows, easing inflation, and improved global liquidity conditions could lay the foundation for renewed momentum. Until those conditions change, he expects markets to remain range-bound with heightened sensitivity to economic data.
“The broader picture, however, remains constructive,” Shekhar said. “Institutional 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.”
