A renewed downturn in semiconductor equities dragged risk assets lower once again, extending losses across global markets. Crypto followed the same trend, with Bitcoin now down roughly 5% on the week, while ether and memecoins suffered even sharper declines.

Bitcoin slipped toward the $62,000 level on Wednesday as a second straight session of heavy selling in technology stocks continued to weigh on global risk sentiment.

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

Selling pressure was widespread across digital assets. Ether fell 3.7% to $1,661, marking a 7.2% weekly loss. XRP declined 2.2% to $1.10, extending its weekly drop to 9.3%. Solana slipped 3.3% to $69, while Dogecoin lost nearly 10% over the past seven days. Hyperliquid’s HYPE led losses among major tokens, down 8.8% on the day and 18.6% on the week to around $61, while Tron was a relative outperformer, rising 3.7% on the week.

The latest leg lower was triggered again by semiconductor stocks, one of the strongest-performing sectors of the year. The Philadelphia Semiconductor Index dropped 7.9% on Tuesday, with all 30 components finishing in negative territory.

Large-cap chip names such as Micron, Marvell, and On Semiconductor—each of which had more than doubled in 2026—led the decline. The sector weakness also spilled into broader equities, pushing the S&P 500 down 1.4% and the Nasdaq 100 down 3.3%. Attempts at stabilization in Asian chip stocks also failed, with Taiwan Semiconductor sliding more than 3%.

In broader macro markets, oil prices continued to ease. Brent crude slipped about 1% toward $76 a 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 standpoint, fund flows remain the dominant driver. Mike McCluskey, co-founder of tx, said Bitcoin’s current consolidation in the low-to-mid $60,000 range reflects a relatively orderly response to tighter Federal Reserve policy compared with historical drawdowns.

US spot Bitcoin ETFs have recorded more than $6 billion in net outflows over the past 30 days, signaling continued institutional de-risking from earlier cycle inflows. McCluskey noted that unless these flows reverse, any recovery attempts are likely to face strong resistance.

He also highlighted Friday’s Deribit options expiry, where about $10.6 billion in notional value is 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 direct price magnets, these levels instead reflect how stretched positioning has become, with $60,000 in particular serving as a key technical and psychological support zone that has already been tested multiple times this month.

Overall, Bitcoin remains range-bound—caught between persistent weakness in tech-driven risk assets and softer energy markets—holding just above the $60,000 level that has defined June, while lacking a strong institutional bid to drive a sustained rebound.