Bitcoin Slides Toward $62K as Ongoing Chip Sector Selloff Pressures Markets

A fresh downturn in semiconductor equities dragged risk assets lower once again, with crypto markets extending their decline. Bitcoin is now down about 5% for the week, while ether and memecoins have experienced even sharper losses.

Bitcoin slipped toward $62,000 on Wednesday as a second consecutive session of heavy selling in tech stocks continued to weigh on global risk appetite.

The asset was last trading near $62,546, down 2.1% over 24 hours and 4.9% on the week, according to CoinDesk data, drifting back toward the lower boundary of its recent monthly range.

Selling pressure was broad-based across the crypto market. Ether fell 3.7% to $1,661, marking a 7.2% weekly decline, while XRP dropped 2.2% to $1.10, down 9.3% on the week. Solana slid 3.3% to $69, and Dogecoin lost 9.8% over seven days. Hyperliquid’s HYPE led losses among major tokens, falling 8.8% on the day and 18.6% on the week to roughly $61, while Tron outperformed, rising 3.7% over the week.

The latest wave of weakness was driven by the same catalyst as the previous session: a renewed selloff in semiconductor stocks, which have been among the strongest performers this year. The Philadelphia Semiconductor Index dropped 7.9% on Tuesday, with all 30 constituents closing in the red.

Heavyweights such as Micron, Marvell, and On Semiconductor—each of which had more than doubled in 2026—led the decline. The sector slump weighed on broader equities, pulling the S&P 500 down 1.4% and the Nasdaq 100 down 3.3%. Attempts to stabilize Asian chip stocks also failed, with Taiwan Semiconductor falling more than 3% on Wednesday.

Outside equities, oil continued to weaken as part of the broader macro backdrop. Brent crude slipped around 1% toward $76 per barrel as shipping activity through the Strait of Hormuz increased following the interim US-Iran agreement. Meanwhile, the US dollar index climbed to a seven-month high as investors rotated into safer assets.

From a crypto-specific perspective, fund flows remain the key signal, according to Mike McCluskey, co-founder of tx, who said Bitcoin’s current consolidation in the low-to-mid $60,000 range reflects a relatively orderly response to the Federal Reserve’s hawkish stance, given the typical sensitivity of digital assets to policy shifts.

US spot Bitcoin ETFs have recorded more than $6 billion in net outflows over the past 30 days, representing sustained institutional de-risking from the same cohort of investors that previously drove inflows during the cycle. McCluskey noted that until those flows reverse decisively, any recovery rallies are likely to face strong resistance.

He also pointed to Friday’s options expiry on Deribit, with approximately $10.6 billion in notional value set to expire. Nearly 80% of positions are currently out-of-the-money, concentrated around a $60,000 put and an $80,000 call.

Rather than acting as strict price targets, these levels are better viewed as indicators of how stretched positioning has become, with $60,000 in particular serving as a key technical and psychological threshold that has already been tested this month.

Overall, Bitcoin remains range-bound, caught between weakness in the AI-driven equity trade and easing pressure in oil markets, holding just above the $60,000 level that has defined much of June while lacking a strong institutional bid to push it higher.