Bitcoin Down 5% on the Week While Dogecoin and HYPE See Steepest Drops Among Majors

Dogecoin fell 9.6% over seven days to around $0.076 and Hyperliquid’s HYPE dropped 9.9% the two worst performers among major tokens this week. Ether lost 8.4% to around $1,581 and XRP fell 7.8% to $1.06. Solana and Tron held up better, finishing roughly flat at $72 and $0.32 respectively.

Bitcoin was the relative safe haven of the group, down 5.3% to around $60,345 on Saturday after touching $58,800 on Friday before recovering. Each time bitcoin approached $58,000, aggressive buying pushed it back into the $60,000 range a pattern that as margin position liquidations during downtrend spikes, followed by strong buying on pending orders during recovery.

The Problem Is Where the Money Is Going

The contrast with equities tells the story. Wall Street kept rotating out of chipmakers and into a broader set of companies tied to steady growth. The S&P 500 closed little changed on the week but most of its members rose. The equal weighted version of the index which strips out the dominance of mega-cap stocks hit a record high. Falling oil prices helped broader sentiment.

The Same Drags Are Still in Place

The headwinds specific to crypto have not changed. ETF outflows from US spot bitcoin products continued all week. The Federal Reserve remains hawkish under new chair Kevin Warsh. The US dollar is still strong. And bitcoin is sitting right on its 200-week moving average a long-term line that has historically marked extended periods of weakness rather than quick bounces.