As the stock market sees a shift away from chipmakers, the equal-weight S&P 500 reaches a new high, while the crypto sector struggles. Ether experienced an 8% decline this week, with memecoins suffering even greater losses.
By Shaurya Malwa Jun 27, 2026, 7:43 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- This week saw significant declines in major cryptocurrencies as investors shifted their focus to stocks associated with the artificial-intelligence sector, with Dogecoin and Hyperliquid’s HYPE each dropping around 10%.
- Bitcoin showed more resilience, decreasing about 5% and bouncing back from near $58,000, despite signs of margin liquidations and aggressive buying.
- Cryptocurrency continues to face challenges from outflows in U.S. spot bitcoin ETFs, a hawkish Federal Reserve, and a robust dollar, even as risk appetite remains and broader equity markets reach new heights.
The week's losses in the cryptocurrency market were led by Dogecoin and Hyperliquid's HYPE, both dropping nearly 10%, as funds flowed toward AI-related stocks rather than major cryptocurrencies.
Dogecoin decreased by 9.6% over the week to approximately $0.076, while HYPE declined by 9.9%, marking the largest losses among major cryptocurrencies. Ether fell 8.4% to around $1,581, and XRP decreased 7.8% to $1.06, with solana and tron showing more stability, remaining roughly unchanged at $72 and $0.32, respectively.
Bitcoin remained the most stable major cryptocurrency, down 5.3% to about $60,345 on Saturday after recovering from a dip to around $58,800 on Friday, according to CoinDesk data.
Alex Kuptsikevich, chief market analyst at FxPro, remarked, "Bitcoin approached $58K at its lows late Thursday and early Friday, but in both instances, aggressive buying quickly returned it to the $60K range. This pattern resembles margin position liquidations during downtrend spikes, followed by strong buying during recovery."
He also noted, "With declining sentiment among institutional investors and their capacity to swiftly divest from cryptocurrencies to stabilize their balance sheets, it is prudent to prepare for ongoing pressure and sporadic sell-off spikes from leveraged traders."
The ongoing contrast with equities is notable. Wall Street has been shifting away from leading chipmakers and diversifying into a wider array of companies tied to stable growth.
The S&P 500 ended the day relatively unchanged, though most of its constituents gained, and the equal-weighted version of the index, which excludes the influence of the largest stocks, achieved a record high. Lower oil prices contributed to positive sentiment, while semiconductor stocks experienced another downturn after a strong performance that still positioned them for their best quarter ever.
The fluctuations in chip stocks suggest a broader transition. The enthusiasm surrounding AI is giving way to concerns regarding elevated valuations, and while few believe the AI trend is finished, the notion that these stocks will only increase is waning. Money is leaving the semiconductor sector and spreading into other parts of the market rather than exiting risk altogether, leaving cryptocurrencies out of the loop.
The specific pressures on crypto persist. Outflows from U.S. spot bitcoin ETFs, a hawkish Federal Reserve, and a strong dollar have weighed heavily throughout the week, with bitcoin remaining close to its 200-week moving average, a long-term indicator that has previously signaled extended periods of weakness.
While risk appetite is not entirely diminished, it is currently selective, and cryptocurrencies are not benefiting from it.
Latest Crypto News- 1Ripple CEO stays bullish on bitcoin but says Saylor's strategy has hurt crypto2 minutes ago
- 2Aave, Solana ecosystem tokens lead crypto rebound as bitcoin steadies near $60,00011 hours ago
- 3U.S. House Democrat, who may soon run key committee, condemns crypto in 401(k)s12 hours ago
- 4Former Ethereum Foundation leader warns of funding gap as governance shifts13 hours ago
- 5Anti-trafficking group says Clarity Act's Section 604 could weaken accountability13 hours ago
- 6Virtuals' Jansen Teng says AI agents are evolving into autonomous economic actors13 hours ago
- 7Securitize expects to raise $400 million as tokenization firm nears public debut16 hours ago
- 8CoinDesk 20 performance update: AAVE jumps 8.9%, leading index higher18 hours ago
- 9Wall Street's IPO revival hasn't reached dot-com euphoria levels, Goldman Sachs says19 hours ago
- 10With crypto ending the first half in the red, bitcoin's solace is it beat Strategy20 hours ago
Equities on Crypto Rails: A Platform Comparison
Equities on Crypto Rails: A Platform Comparison
US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.
By CoinDesk Research22 hours agoUS equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.
Why it matters:
US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.
View Full ReportMore From Markets