A renewed selloff in semiconductor equities dragged risk assets lower again, extending losses across crypto markets. Bitcoin is now down roughly 5% on the week, while ether and memecoins have seen steeper declines.
Bitcoin slid toward $62,000 on Wednesday as a second straight day of heavy technology stock selling continued to pressure global risk appetite.
The token was last around $62,546, down 2.1% in 24 hours and 4.9% over the week, according to CoinDesk data, drifting back toward the lower end of its recent trading range.
Weakness was widespread across digital assets. Ether fell 3.7% to $1,661 for a 7.2% weekly loss, XRP declined 2.2% to $1.10 and is down 9.3% on the week, while Solana dropped 3.3% to $69. Dogecoin slid nearly 10% over seven days. Hyperliquid’s HYPE led losses among major tokens, falling 8.8% on the day and 18.6% on the week to about $61, while Tron stood out with a 3.7% weekly gain.
The latest decline was driven by another sharp drop in semiconductor shares, a segment that has been a major market leader this year. The Philadelphia Semiconductor Index fell 7.9% on Tuesday, with all 30 components finishing lower.
Large-cap names such as Micron, Marvell, and On Semiconductor—each of which had more than doubled in 2026—led the downturn. The sector weakness also dragged broader equities lower, with the S&P 500 falling 1.4% and the Nasdaq 100 losing 3.3%. A rebound attempt in Asian chip stocks failed to hold, with Taiwan Semiconductor also down more than 3%.
Elsewhere in macro markets, oil prices continued to ease. Brent crude slipped about 1% toward $76 a barrel as shipping activity through the Strait of Hormuz increased following the US-Iran interim agreement. The US dollar index also climbed to a seven-month high as investors moved into safer assets.
On the crypto side, fund flows remain the key driver, according to Mike McCluskey, co-founder of tx, who said Bitcoin’s consolidation in the low-to-mid $60,000 range reflects a relatively orderly response to tighter Federal Reserve policy compared with historical drawdowns.
US spot Bitcoin ETFs have recorded more than $6 billion in net outflows over the past 30 days, signaling continued institutional de-risking from the same investors who previously supported the cycle’s upside. McCluskey said that unless those flows reverse, recovery rallies are likely to face strong resistance.
He also highlighted Friday’s Deribit options expiry, where roughly $10.6 billion in notional value is set to expire. Nearly 80% of positions are out-of-the-money, concentrated around a $60,000 put and an $80,000 call.
Rather than acting as direct price magnets, these levels reflect how stretched positioning has become, with $60,000 in particular serving as a key technical and psychological support zone that has already been tested this month.
Overall, Bitcoin remains range-bound—caught between weakness in tech-driven risk assets and softer oil markets—holding just above the $60,000 level that has defined June, while lacking a strong institutional bid to drive a sustained rebound.
