Bitcoin stayed below $60,000 as a stronger U.S. dollar continued to cap gains across crypto markets. Weak on-chain demand persisted throughout the week’s decline, while speculation over Strategy’s potential bitcoin sales further reinforced a cautious tone.

Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) led a broad selloff on Tuesday after the Japanese yen fell to a 40-year low, pushing the dollar higher and increasing pressure on risk assets, including cryptocurrencies.

Bitcoin traded near $59,514, down 0.3% over 24 hours and roughly 7% on the week, according to CoinDesk data. It also remained below its 200-week moving average—a key long-term trend level it has failed to reclaim throughout the month.

Altcoins saw steeper losses. Ether dropped 8.2% on the week to around $1,587, XRP slipped 7.1% to $1.04, and Dogecoin fell 11.9% to about $0.072, marking the weakest performance among major tokens. BNB declined 6.5%, while Solana moved against the trend, gaining 3% on the day and 2.9% on the week to roughly $74. Hyperliquid’s HYPE rose 7% daily, leaving it flat over the week.

The main catalyst came from currency markets. The yen weakened beyond 162 per dollar—its lowest since 1986—driving broad dollar strength. A firmer dollar typically raises the cost of dollar-denominated assets like bitcoin for global buyers and reduces demand for risk trades.

On-chain data also reflected muted activity. Glassnode reported active addresses near 618,000, staying within recent ranges rather than showing expansion, signaling limited growth in network usage.

Transfer volumes held around $4.2 billion, slightly above recent lows near $3.6 billion, indicating steady but subdued activity. Transaction fees continued to decline as well, reinforcing the lack of meaningful demand recovery despite lower prices.

Sentiment was further weighed down after Strategy, the largest corporate bitcoin holder, said it may sell more than $1 billion in bitcoin under a new capital program aimed at strengthening its balance sheet. The move marks a notable departure from founder Michael Saylor’s long-held stance against selling.

That potential supply adds to an already fragile market, leaving crypto constrained by a strong dollar and weak demand rather than any single catalyst.

Looking ahead, markets are focused on whether dollar strength eases and whether Japan intervenes as the yen weakens further—an action that could disrupt global carry trades.

For now, with demand soft and a possible large seller in the background, crypto remains under pressure.