Bitcoin has fallen below $60,000 on Monday after losing nearly 6% last week, with the decline driven by weakening market sentiment and a clear withdrawal of institutional capital. According to latest reports, Bitcoin traded around $59,500, down 0.3% over 24 hours and 7% on the week, holding below its 200-week moving average. The week's losses ran deep across altcoins, with Ether falling 8.2% to about $1,587, XRP dropping 7.1% to $1.04, and dogecoin sliding 11.9% to $0.072, the worst performance among major cryptocurrencies. Solana bucked the trend, gaining 3% on the day and 2.9% on the week to $74, while Hyperliquid's HYPE bounced 7% on the day to remain roughly flat for the week. The total market cap opened near $2.28 trillion and worked its way down to around $2.05 trillion, with Bitcoin starting just above $64,000, losing the $60,000 level on Thursday after the inflation data, and falling as far as $58,000, its weakest since late 2024, before steadying near $59,500.
The most significant development this week has been BlackRock's sale of approximately $444 million worth of Bitcoin on Friday, adding substantial supply pressure to the market. This represents a dramatic shift from the fund's previously persistent accumulation strategy and minimal selling activity. U.S. spot Bitcoin ETFs recorded approximately $1.8 billion in net outflows over the past week, leaving cumulative flows for 2026 deeply in negative territory. Particularly heavy redemptions came from BlackRock's IBIT, a fund previously known for persistent accumulation, making this one of the most significant headwinds facing the cryptocurrency market. The week opened with moderate redemptions on June 22 (-$68M) and June 23 (-$114M), but pressure intensified meaningfully on June 24 (-$469M), June 25 (-$692M), and June 26 (-$445M). IBIT lost roughly -$1.30 billion across the five sessions, while FBTC added another -$315M of outflows and GBTC contributed -$135M. Some secondary products provided limited offset, including BTC (+$72M) and MSBT (+$26M), but this was far too small to counter the broad redemption wave.
In a significant development, Strategy has unveiled a Digital Credit Framework to strengthen its financial standing, marking a pivot from its previous Bitcoin accumulation strategy. According to the company's 8-K filing with the SEC on Sunday, Strategy plans to sell Bitcoin to boost liquidity, fund stock buybacks up to $2 billion, execute dividend payments on preferred stock, and strengthen cash reserves. The company's US Dollar reserves had increased to $2.55 billion as of Sunday, with a $1.25 billion BTC sale expected to increase cash reserves to $3.80 billion. Strategy emphasized that Bitcoin remains its primary treasury reserve asset, with Founder Michael Saylor stating the framework is designed to strengthen credit quality and reduce expected preferred stock dividend payments when accretive. However, Strategy's STRC preferred still remains below par and doubts continue to linger over whether it can keep paying dividends without selling Bitcoin, a worry that resurfaces whenever the price falls.
The immediate driver of the crypto decline continues to be macroeconomic factors, with the week opening with a heavy selloff in semiconductor and other AI names that dragged the Nasdaq through several losing sessions and spread to global markets, with Korea's Kospi down more than 9%. The bigger blow came Thursday, when headline PCE came in at 4.1%, a three-year high, with the core index at 3.4%, confirming inflation has settled above target and reinforcing the hawkish turn from Kevin Warsh's first Fed meeting. With rate cuts off the table and markets leaning toward a hike before year-end, the dollar held near a one-year high, yields pushed up, and gold slipped to a multi-month low, all of which weighed on non-yielding assets like Bitcoin. The yen slipped past 162 per dollar, its weakest since 1986, pushing the dollar higher across the board and making dollar-priced assets like bitcoin costlier for foreign buyers. A stronger dollar makes it difficult for Bitcoin to find support, with Bitcoin holding below its 200-week moving average, a long-term line it has sat on all month and represents the average price over roughly the past four years.
From a technical perspective, broad-based capital has yet to return to the market, with the clearest feature being the contrast between selective accumulation and the absence of widespread buying interest. While some investors—particularly in the U.S.—have started buying the dip, institutional investors remain cautious, and short-term holders continue to create a significant supply zone between $67,000 and $71,000. If another wave of heavy selling develops, Bitcoin could decline toward the $45,000 area, while a recovery above $68,000, where the 50-day EMA (EMA50) currently sits, could signal renewed buying momentum. The next major resistance zone is located between $77,000 and $80,000, reinforced by both the EMA200 and previous price reactions. The options market continues to paint a cautious picture, with traders increasingly shifting toward selling option premium instead of purchasing downside protection. Ether had a rougher time, sliding from about $1,723 to roughly $1,565 (down around 9% on the week), and once again digital assets traded as the high-beta end of the risk trade, with ETH ETFs losing roughly -$274M across the five sessions.
