Bitcoin had a disastrous start to the year and an equally weak second quarter, during which the rally toward $81,000 completely faded. As a result, the cryptocurrency plunged to its lowest levels of 2026, while spot demand remains subdued, profit-taking continues to dominate, and derivatives positioning points to persistent caution among investors.

Key developments

• In June, Bitcoin fell below $60,000 for the first time since 2024. The main drag has been persistent outflows from U.S. spot Bitcoin ETFs, which totaled an estimated $4.5–6 billion during the final weeks of the first half of the year.
• The weakness began early. In January, Bitcoin and Ethereum…