The renewed decline in semiconductor stocks has once again pressured risk assets, leading to a further drop in cryptocurrencies. Bitcoin has decreased by 5% this week, with ether and memecoins experiencing even steeper declines.
By Shaurya Malwa Jun 24, 2026, 4:33 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- Bitcoin is nearing $62,000 amidst a widespread selloff in tech and semiconductor stocks, extending its losses for the week and affecting global risk assets.
- The cryptocurrency markets saw declines across major tokens, while U.S. spot bitcoin ETFs experienced a record 30-day net outflow exceeding $6 billion, indicating ongoing institutional de-risking.
- Experts suggest that bitcoin is maintaining a fragile support level around $60,000 as a $10.6 billion options expiry approaches, with many positions currently out-of-the-money and few catalysts for recovery.
On Wednesday, Bitcoin fell towards $62,000 as the technology sector continued to experience heavy selling, impacting risk assets worldwide.
According to CoinDesk data, Bitcoin was trading at approximately $62,546, representing a 2.1% decline over the past 24 hours and a 4.9% loss for the week, moving closer to the lower end of its trading range this month.
Overall, the selling pressure was significant. Ether dropped 3.7% to $1,661, marking a weekly loss of 7.2%. XRP decreased by 2.2% to $1.10, down 9.3% on the week, while Solana fell 3.3% to $69 and Dogecoin saw a 9.8% decline over the week. Hyperliquid's HYPE was particularly affected, down 8.8% for the day and 18.6% for the week, trading around $61. Tron managed to perform relatively better, gaining 3.7% for the week.
The pressure on the markets stemmed from a renewed downturn in semiconductor shares, which had previously led this year's market with substantial gains. The Philadelphia Semiconductor Index dropped by 7.9% on Tuesday, with all 30 of its constituents falling.
Stocks such as Micron, Marvell, and On Semiconductor, each of which had seen their values more than double in 2026, were at the forefront of this decline. This selloff also contributed to a 1.4% drop in the S&P 500 and a 3.3% decrease in the Nasdaq 100. An attempted recovery in Asian chip stocks faltered on Wednesday, with Taiwan Semiconductor declining by over 3%.
Oil prices continued to decline, contributing to the broader economic context. Brent crude fell nearly 1% towards $76 a barrel as tanker movements through the Strait of Hormuz became clearer following a temporary peace agreement between the U.S. and Iran. Additionally, a dollar index rose to a seven-month peak as investors sought safer assets.
Mike McCluskey, co-founder of tx, noted that the fund flows into crypto are indicative of the situation. He described Bitcoin's stability in the low-to-mid $60,000s as a measured reaction to the Federal Reserve's hawkish stance, especially considering how such shifts typically impact digital currencies.
U.S. spot bitcoin ETFs experienced a record outflow of over $6 billion in the past 30 days, which McCluskey interpreted as consistent institutional de-risking from the same investors who previously drove this market cycle. He warned that until these trends shift, any relief rallies may face significant resistance.
McCluskey also highlighted the upcoming options expiry on Deribit, with around $10.6 billion in notional value set to expire. Notional value refers to the total worth of the underlying assets covered by those contracts.
Approximately 80% of the open positions are currently out-of-the-money, which means they will be worthless if they expire at current prices, centered around a $60,000 put and an $80,000 call. These levels serve more as indicators of how stretched the market positioning has become rather than as price magnets, with $60,000 representing a critical technical and psychological threshold that has already been tested this month.
This situation keeps Bitcoin hovering where it has remained all week, caught between a declining AI sector and an easing oil environment, staying above the $60,000 support that has characterized June while lacking upward momentum as institutional interest remains low.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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