Crypto Prices Fall as Tech Sector Selloff Spreads Across Risk Assets

Here’s another clean rewrite with a slightly more compact, professional market tone:

Bitcoin fell 2.5% to around $62,300, while ether dropped more than 4% as roughly $717 million in liquidations intensified losses across altcoins.

The crypto market slid on Tuesday, with Bitcoin (BTC) trading near $62,300 after falling 2.5% since midnight UTC. Ether (ETH) declined more than 4% to about $1,650, extending weakness across major digital assets.

The downturn tracked losses in technology stocks, with Nasdaq 100 futures down around 2.5%, reinforcing broader risk-off sentiment across markets.

TickMill strategist Patrick Munnelly said tech shares are under pressure from profit-taking and concerns over rising bond yields.

Altcoins underperformed, with tokens such as Ethena (ENA) and Hyperliquid (HYPE) losing 5%–6%, while $717 million in liquidations accelerated downside moves.

The U.S. Dollar Index (DXY) rose to 101.15, its highest level since May 2025.

Derivatives show rising bearish bias

Open interest in SpaceX perpetual futures on Hyperliquid, Binance and other venues rose about 10% even as prices dropped roughly 15%, signaling increased short positioning. The contracts are now the sixth-largest globally, ahead of several major crypto assets including ZEC.

XRP futures open interest climbed to 2.38 billion tokens despite a near 2% weekly decline, but negative OI-adjusted cumulative volume delta (CVD) for a second straight day suggests aggressive selling dominated by takers.

Bitcoin futures open interest eased to 720,000 BTC from 742,000 BTC last week, down from a recent peak near 800,000 BTC. Ether futures OI recovered slightly to 14.13 million ETH but remains below late-May highs.

Across major tokens, negative CVD readings point to broad seller dominance.

Volatility gauges also moved higher, with Bitcoin’s 30-day implied volatility index rising from around 40%, typically a sign of increased hedging and bearish momentum.

In options markets, positioning remains skewed toward long calls ahead of Friday’s expiry, though many are now underwater. Put options are increasingly in profit, reflecting rising demand for downside protection, while put-call skews continue to favor hedges.