Japan's Nikkei faced its most significant drop since March, while Ether barely clings to weekly gains.
By Shaurya Malwa Jul 17, 2026, 7:29 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- A significant sell-off in Asian semiconductor stocks, particularly in Japan’s Nikkei and Taiwan Semiconductor, negatively impacted the cryptocurrency market, pushing major tokens lower on Friday.
- Ether saw a decline of approximately 4% to $1,850, lagging behind bitcoin despite nearly $97 million in inflows into U.S. spot ether ETFs this week, largely attributed to BlackRock’s funds.
- Market analysts view the current trend as a consolidation under resistance rather than a definitive reversal, even as sentiment indicators show extreme fear and oil prices rise due to increasing tensions in the Middle East.
On Friday, Ether (ETH) experienced a decline that was double that of bitcoin, while hyperliquid's HYPE fell over five times as much, as a downturn in Asian semiconductor stocks influenced the broader cryptocurrency market.
Ether fell 4% to $1,850 but remains up 4% over the past seven days, making it the only major cryptocurrency with a weekly gain. HYPE suffered the most, dropping 10% to $60 on the day and 12% for the week—its largest decline since June. Solana decreased by 2% to $75, down 5% for the week.
XRP fell by 2% to $1.09, BNB decreased 2% to $571, TRON slipped to 32 cents, and dogecoin lost 2%. Bitcoin demonstrated relative strength, declining only 2% to around $63,400 and just 1% for the week after facing resistance at $65,000.
The selloff initiated in the semiconductor sector, with MSCI's Asia Pacific equities index dropping 3%, heading towards its lowest close in two months. Japan's Nikkei 225 experienced a 5% drop—the worst session since March—while Taiwan Semiconductor was on track for its largest single-day fall since April 2025, and Japan's Kioxia plummeted by as much as 16%.
Last Friday, bitcoin had risen 4% coinciding with an 8% surge in South Korea's Kospi and the pricing of $26.5 billion of American depositary shares by SK Hynix. Investors are now questioning whether the recent AI-driven rally had overextended itself, with insights emerging from the semiconductor market rather than on-chain data.
Ether's decline is particularly noteworthy. U.S. spot ether ETFs attracted nearly $97 million during the first three days of this week, surpassing the total from the previous week, with BlackRock's funds contributing the majority of this influx. However, this demand did not prevent Ether from experiencing a steeper decline than bitcoin when semiconductor stocks fell.
Wintermute's OTC desk characterized the week as one of "consolidation under resistance rather than continuation," highlighting a decrease in spot volumes as prices peaked.
According to Glassnode's on-chain metrics, a reversal has not yet been confirmed, and the Fear and Greed Index remains at 25, indicating extreme fear in the market.
In contrast, oil prices have been rising. Brent crude rebounded to around $85 a barrel, reflecting a 12% increase for the week—its largest weekly gain since April—as tensions escalate and shipping traffic through the Strait of Hormuz diminishes. This marks the fifth day of U.S. strikes on Iran, reigniting inflation concerns that had been soothed by recent data.
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Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
By CoinDesk ResearchJul 13, 2026CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
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