A renewed slide in semiconductor stocks weighed on risk assets again, extending losses across global markets. Crypto followed the same direction, with Bitcoin now down about 5% on the week, while ether and memecoins saw even deeper declines.
Bitcoin fell toward the $62,000 area on Wednesday as a second consecutive day of heavy selling in technology shares continued to suppress risk appetite worldwide.
The asset last traded near $62,546, down 2.1% over 24 hours and 4.9% on the week, according to CoinDesk data, drifting back toward the lower end of its recent monthly range.
The weakness was broad across digital assets. Ether dropped 3.7% to $1,661, putting it down 7.2% for the week. XRP fell 2.2% to $1.10, extending its weekly decline to 9.3%. Solana slipped 3.3% to $69, while Dogecoin lost nearly 10% over the week. Hyperliquid’s HYPE led losses among major tokens, falling 8.8% on the day and 18.6% on the week to around $61, though Tron outperformed with a 3.7% weekly gain.
The latest pressure stemmed again from semiconductor equities, one of the strongest-performing sectors of the year. The Philadelphia Semiconductor Index dropped 7.9% on Tuesday, with all 30 constituents closing lower.
Major chip names including Micron, Marvell, and On Semiconductor—each having more than doubled in 2026—led the decline. The selloff also hit broader equities, dragging the S&P 500 down 1.4% and the Nasdaq 100 down 3.3%. An attempted rebound in Asian chip stocks faded as well, with Taiwan Semiconductor also falling more than 3%.
In broader macro markets, oil continued to soften. Brent crude slipped about 1% toward $76 a barrel as shipping flows through the Strait of Hormuz picked up following the US-Iran interim agreement. The US dollar index also climbed to a seven-month high as investors rotated into safer assets.
From a crypto market structure perspective, fund flows remain the key driver. Mike McCluskey, co-founder of tx, said Bitcoin’s consolidation in the low-to-mid $60,000 range reflects a relatively stable response to tighter Federal Reserve policy compared with past cycles.
US spot Bitcoin ETFs have now seen more than $6 billion in net outflows over the past 30 days, reflecting sustained institutional de-risking from earlier cycle participants. McCluskey noted that until those flows reverse, any recovery rallies are likely to encounter strong resistance.
He also pointed to Friday’s Deribit options expiry, with roughly $10.6 billion in notional value set to roll off. 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 targets, these levels highlight 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 ongoing weakness in tech-driven risk assets and softer energy markets, holding just above the $60,000 level that has defined much of June while lacking a strong institutional bid to drive a sustained recovery.
