In the final week of June, the crypto market came under renewed pressure. Bitcoin briefly fell below $60,000 before buying interest emerged to support the price. This pullback was primarily driven by macroeconomic factors, rather than any on-chain or project-specific events.
Latest data shows Bitcoin at $59,873, Ethereum at $1,564, XRP at $1.04, Solana at $70.37, and Dogecoin at $0.073.
Expectations of high interest rates are suppressing risk assets.
This downturn was primarily driven by rising market expectations that U.S. interest rates will remain high, combined with a stronger U.S. dollar, continued outflows from spot ETFs, and concentrated deleveraging in the derivatives market. These combined factors led to an overall decline in cryptocurrency assets.
Volatility in the derivatives market further amplified the downward trend. Over the past week, long liquidations exceeded $1 billion, indicating that highly leveraged positions were rapidly unwound during the price decline.
XRP and Solana show relative resilience against downturns.
Looking at major asset performance, Ethereum underperformed the broader market, falling 9.84% over the week to $1,564. In contrast, XRP declined less than most major altcoins, closing the weekend at $1.04. The report noted that institutional interest fueled by growth in spot ETF products provided some support for XRP.
Solana is trading at $70.37, with overall performance remaining relatively stable, reflecting continued market confidence in its ecosystem development. Dogecoin fell 11.97% this week to $0.073, continuing its tendency to react quickly to shifts in market sentiment.
Pi42 co-founder and CEO Avinash Shekhar told Coinpedia that what’s more noteworthy this week is not the decline in Bitcoin itself, but its ability to find support near historically significant funding zones.
ETF fund flows continue to face pressure
Funding conditions remain a key variable influencing the market’s short-term direction. Reports show that Bitcoin ETFs experienced a net outflow of $1.79 billion for the week, the second-largest weekly outflow since the product’s launch.
Meanwhile, on-chain tracking data shows that the combined unrealized losses for holdings associated with Michael Saylor and Tom Lee reached $24.5 billion this week. This reflects significant paper pressure on large positions during the market’s rapid correction phase.
Shekhar believes that current market capital is becoming more selective. Funds are no longer flowing uniformly across the entire market as they did in previous cycles, but are instead prioritizing liquidity, institutional participation, and ecosystem fundamentals.
Moving forward, the direction of crypto assets will still depend on institutional capital flows, macroeconomic data, and monetary policy signals. If ETF inflows rebound, inflationary pressures ease, and global liquidity improves, the market could regain upward momentum. Until then, prices are likely to remain range-bound and highly sensitive to economic data.