Bitcoin edged toward $62,000 on Wednesday as a second consecutive day of heavy selling in semiconductor stocks kept risk assets under pressure worldwide. The largest cryptocurrency traded at $62,546, down 2.1% in 24 hours and 4.9% over the week, according to CoinDesk data, sliding back toward the lower end of its month-long trading range.
Broad-Based Shedding: ETH Below $1,700, HYPE Drops 18.6% Weekly
The selloff was broad. Ether fell 3.7% to $1,661, posting a 7.2% weekly loss. XRP dropped 2.2% to $1.10, down 9.3% on the week. Solana lost 3.3% to $69, while Dogecoin slid 9.8% over seven days. Hyperliquid's HYPE was the hardest hit, plunging 8.8% on the day and 18.6% on the week to roughly $61. Tron was the outlier, gaining 3.7% for the week.
Chip Stocks Take Another Hit, Dragging Equities Lower
Pressure came from the same source as Tuesday. A renewed rout in chip stocks — this year's market leaders with triple-digit gains — sent the Philadelphia Semiconductor Index down 7.9%, with all 30 members in the red. Micron, Marvell, and On Semiconductor, each more than doubled in 2026, led the decline. The S&P 500 dropped 1.4% and the Nasdaq 100 slid 3.3%. An attempted bounce in Asian chip stocks fizzled Wednesday, with Taiwan Semiconductor falling more than 3%. Oil kept falling as well: Brent crude slipped about 1% toward $76 a barrel as tanker traffic through the Strait of Hormuz became more transparent following a US-Iran interim peace deal.
ETF Outflows Hit Record $6B+; Institutional De-Risking Persists
The crypto-specific signal lies in fund flows, said Mike McCluskey, co-founder of tx, in an email to CoinDesk. He called bitcoin's stabilization in the low-to-mid $60,000s a "measured response" to the Federal Reserve's hawkish turn, given how hard such shifts usually hit digital assets. US spot bitcoin ETFs have recorded a 30-day net outflow of more than $6 billion, the largest on record. McCluskey described this as sustained institutional de-risking by the same buyers that drove this cycle. Until those flows clearly reverse, relief rallies are likely to face a hard ceiling, he warned.
Friday Options Expiry: $10.6B Notional Value Set to Expire
McCluskey also flagged Friday's options expiry on Deribit, with roughly $10.6 billion in notional value set to expire. The roll or settlement of those positions could amplify short-term volatility.