Cryptocurrency leader bitcoin is experiencing its second largest single-week decline since 2024, reflecting a cooling demand for bitcoin exchange-traded funds (ETFs) and uncertainty in currency policies.

In the seven days ending on Sunday, June 23, the top 100 digital assets fell by about 5%, the largest drop since April this year, according to data compiled by the media.

As of Monday, June 24th, the market value of bitcoin, the largest cryptocurrency, has plunged and fallen below $62,000 to a low of $61,160, the lowest in more than a month. Earlier, the US bitcoin ETF also suffered from six consecutive days of net outflows.

In addition, Ether and Solana have also set the longest consecutive weeks of declines since last year and 2022, respectively.

At this time, fund companies are preparing to launch the first batch of US ETFs that invest directly in Ether, while Solana is becoming the darling of various digital asset hedge funds.

Bearish sentiment is being generated.

In March of this year, the price of bitcoin once rose to a record high of $73,798, but its performance this quarter has lagged behind traditional investments such as stocks, bonds, and gold.

Caroline Mauron, co-founder of digital asset derivative liquidity provider Orbit Markets, said, 'A bearish sentiment seems to be forming, and the market is finding it difficult to digest any large sell orders.'

As the cryptocurrency market falls, market participants are skeptical of whether the Federal Reserve can quickly lower interest rates from the 20-year high. In the eyes of some analysts, the pullback in digital assets is a warning signal for broader risk appetite.

David Lawant, Head of Research at FalconX, wrote in a report that the current feature of the cryptocurrency market is low volatility and weak trading volume. When prices begin to move toward the edges of the range, the fundamentals of trading orders become unbalanced.

Editor/Somer