Dogecoin and Hyperliquid’s HYPE recorded the steepest weekly losses among major cryptocurrencies as investors directed more funds toward the stock market. Both tokens fell by nearly 10%, while Bitcoin, Ether and XRP also closed the week lower.
The cryptocurrency market faced pressure from spot Bitcoin exchange-traded fund outflows, a strong US dollar and expectations that interest rates could stay high. Meanwhile, broader US stock indexes gained support from a rotation into companies outside the semiconductor sector.
Dogecoin dropped 9.6% over the seven-day period to trade near $0.076. Hyperliquid’s HYPE fell 9.9%, making it the weakest performer among the major digital assets tracked during the week. Ether declined 8.4% to about $1,581, while XRP lost 7.8% and traded near $1.06.
Solana and Tron showed more stable price action. Solana traded close to $72, while Tron held near $0.32. Both tokens were roughly unchanged for the week, despite weakness across the wider cryptocurrency market. Their performance separated them from memecoins and larger altcoins that faced heavier selling.
Bitcoin fell 5.3% to around $60,345 on Saturday. The cryptocurrency briefly dropped to about $58,800 on Friday before buyers pushed it back above $60,000. The recovery limited its weekly decline, although Bitcoin still traded close to its long-term 200-week moving average.
Market analyst Alex Kuptsikevich said Bitcoin approached $58,000 late Thursday and early Friday before ‘aggressive buying’ returned. He said the price movement appeared similar to margin liquidations followed by buying orders placed at lower levels. Nevertheless, he raised doubts about the strength of the recovery, warning that selling pressure could return.
Crypto futures liquidations reached about $217 million over the previous 24 hours as of June 27, according to Coinglass data. The total covered positions closed by trading platforms after traders could no longer meet margin requirements.
Bitcoin recorded about $71.04 million in liquidations, while Ether accounted for $50.61 million. Solana positions produced roughly $20.58 million in liquidations, and XRP traders lost about $2.43 million. The data showed that leveraged positions faced pressure as prices moved quickly across the market.
Liquidations can increase short-term price swings when exchanges close several leveraged positions within a narrow period. In this case, Bitcoin’s move below $59,000 triggered further selling before pending buy orders supported the recovery toward $60,000.
Kuptsikevich questioned whether that buying could hold. He said investors should prepare for “continued pressure and periodic sell-off spikes” as institutional investors may reduce crypto exposure to protect their balance sheets. His comments presented doubts about a stable recovery while market sentiment stayed weak.
Wall Street showed a different pattern during the week. Investors moved away from semiconductor companies and directed funds toward a wider group of businesses linked to steady economic growth. The S&P 500 ended little changed, although most companies within the index gained.
The equal-weight S&P 500 reached a record high. That version gives every company the same influence and reduces the effect of the largest technology stocks. Falling oil prices also supported market sentiment, while chip shares extended their recent decline.
The movement showed that investors had not fully left risk assets. Instead, they became more selective about where they placed capital. Funds leaving chipmakers moved into other stock sectors rather than cryptocurrencies, leaving Bitcoin and major altcoins without support from the broader market rotation.
Meanwhile, crypto faced separate pressures from US spot Bitcoin ETF outflows, a hawkish Federal Reserve and dollar strength. Bitcoin’s position near its 200-week moving average also kept traders focused on further downside risk as Dogecoin, HYPE, Ether and XRP ended the week with deeper losses.