Bitcoin rummages for fresh bottom | FXStreet

Bitcoin rummages for fresh bottom | FXStreet outlines a prolonged weakness in bitcoin as it fails to follow a strong equity rally in Q2. Despite the Nasdaq gaining about 21% from late March to June, bitcoin ended the quarter down, reversing after an early Q2 rally. From a May peak near $82,815 to a June 30 low around $58,170, bitcoin fell over 29% and was down about 14% for the quarter. Ether dropped more than 25% and XRP nearly 20%, while bitcoin’s relative outperformance suggests defensive rotation toward BTC. The article says bitcoin is pinned near 2-year lows, with total market value around $1.18 trillion, down from more than $4 trillion in early October, and that trading has largely stayed within a $58,000–$60,000 range. It attributes pressure partly to ETF outflows, noting nearly $4.5 billion in outflows from US-listed spot bitcoin ETFs in June. It also cites rate pressure from “higher-for-longer” and concerns around Strategy, a major corporate buyer, as well as limited support from a new “monetisation plan.”