Bitcoin has dropped beneath $60,000, positioning itself for an uncommon consecutive quarterly loss. The cryptocurrency is down nearly 7% this week, with altcoins experiencing even steeper declines. Both Bitcoin and ether are concluding the second quarter in negative territory, marking a first half filled with losses that contrasts with typical trends.

— Over the weekend, Bitcoin fell below $60,000, poised to wrap up a lackluster first half of the year with an approximate 12% decrease in the second quarter following a 22% drop in the first.

— Major altcoins have suffered even more, with ether down around 25% this quarter, while other tokens like dogecoin, HYPE, and XRP faced double-digit weekly losses; however, tron and solana demonstrated relatively greater stability.

— The consecutive losing quarters, attributed to outflows from U.S. spot bitcoin ETFs, a hawkish Federal Reserve, and a robust dollar, diverge from Bitcoin’s historically strong second-quarter performances and leave traders wondering if this weakness will extend into the third quarter.

Bitcoin traded at approximately $59,940 on Sunday, reflecting a 0.6% decrease over the past 24 hours and a nearly 7% drop for the week, according to Decryptnews data, as the quarter of selling neared its conclusion.

Altcoins once again led the decline. Ether decreased 9.5% for the week to around $1,567, dogecoin fell 11.7% to $0.073, Hyperliquid’s HYPE decreased by 10.6%, and XRP slipped 8.7% to $1.04. Solana held up better at $70, down 3.5%, while tron remained the most resilient, down only 1.5%.

The market has relied on Bitcoin’s relative stability throughout the week, as riskier assets fell more swiftly.

As the weekend marks the conclusion of a weak first half with only two days remaining, Bitcoin is set to finish the second quarter down about 12%, following a roughly 22% decline in the first quarter, based on Decryptnews data. Ether has performed even worse, down about 25% in the second quarter after a 29% fall in the first quarter.

Experiencing two consecutive losing quarters at the start of the year is rare for both assets, having only occurred twice in Bitcoin’s history. The second quarter has typically been one of Bitcoin’s stronger periods, averaging gains over the past decade, and starting a year with back-to-back losses disrupts that trend.

The same factors that have characterized the month are at play. Capital has shifted favorably towards semiconductor and memory-chip stocks amid the ongoing AI boom. Conversely, outflows from U.S. spot bitcoin ETFs, a hawkish Federal Reserve under new Chair Kevin Warsh, and a U.S. dollar near a seven-month peak have weighed on the crypto market. Additionally, a tech-stock selloff earlier in the week added to the pressure.

Traders will be attentive to the third quarter, monitoring whether the ETF outflows and weak demand subside, or if the weakness seen in the first half continues into the second.