Ether, Solana, Dogecoin Retreat as Bitcoin Selling Pressure Rattles Market

Bitcoin remained under $60,000 as a strengthening U.S. dollar continued to suppress crypto markets. Weak on-chain demand persisted through the week’s downturn, while concerns over Strategy’s potential bitcoin sales added another layer of caution.

Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) led losses on Tuesday after the Japanese yen fell to its weakest level in 40 years, driving the dollar higher and increasing pressure on risk assets such as cryptocurrencies.

Bitcoin was last trading near $59,514, down 0.3% over 24 hours and about 7% for the week, according to CoinDesk data. It also stayed below its 200-week moving average, a key long-term trend level it has struggled to reclaim throughout the month.

Altcoins saw sharper declines. Ether dropped 8.2% over the week to around $1,587, XRP fell 7.1% to $1.04, and Dogecoin slid 11.9% to roughly $0.072, the weakest among major tokens. BNB lost 6.5%, while Solana outperformed, rising 3% on the day and 2.9% on the week to about $74. Hyperliquid’s HYPE gained 7% intraday, leaving it broadly flat for the week.

The main driver came from currency markets. The yen weakened past 162 per dollar, its lowest since 1986, fueling broad dollar strength. A stronger dollar typically makes dollar-priced assets like bitcoin more expensive for international buyers and reduces appetite for risk exposure.

On-chain indicators pointed to subdued activity. Glassnode data showed active addresses hovering around 618,000, remaining within recent ranges rather than breaking higher, signaling limited growth in network participation.

Transfer value stayed near $4.2 billion, slightly above recent lows around $3.6 billion, suggesting activity remained steady but muted. Transaction fees continued to decline, reinforcing the lack of a meaningful demand rebound despite lower prices.

Market sentiment was also weighed down after Strategy, the largest corporate bitcoin holder, said it may sell more than $1 billion in bitcoin under a new capital program designed to strengthen its balance sheet. The move marks a shift from founder Michael Saylor’s long-standing opposition to selling.

The prospect of additional supply adds pressure to an already fragile market, leaving crypto largely constrained by dollar strength and weak demand rather than any single shock.

Looking ahead, traders are watching whether dollar strength eases and whether Japanese authorities step in as the yen continues to weaken—potentially disrupting global carry trades.

For now, with demand subdued and potential large-scale selling in the backdrop, crypto remains under pressure.