Bitcoin drops toward $62,000 as the chip selloff deepens for a second day
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- Bitcoin traded around $62,546, down 2.1% over 24 hours and 4.9% on the week, sliding back toward the lower end of the range it has held all month
- Ether fell 3.7% to $1,661 for a 7.2% weekly loss, XRP dropped 2.2% to $1.10 (9.3% weekly), solana lost 3.3% to $69, and dogecoin slid 9.8% over seven days, with Hyperliquid's HYPE the worst hit at 18.6% weekly
- Semiconductor stocks drove the risk-off move, with the Philadelphia Semiconductor Index falling 7.9% on Tuesday and all 30 members declining — led by Micron, Marvell, and On Semiconductor, each of which had more than doubled in 2026
- US spot bitcoin ETFs logged a record 30-day net outflow of more than $6 billion, which analyst Mike McCluskey of tx called "sustained institutional de-risking" by the same buyers that drove this cycle
- Friday's Deribit options expiry carries roughly $10.6 billion in notional value, with nearly 80% of open positions out-of-the-money and clustered around a $60,000 put and an $80,000 call
- Oil (Brent) slipped about 1% toward $76 as tanker traffic through the Strait of Hormuz became more visible following a US-Iran interim peace deal, while a gauge of the dollar climbed to a seven-month high
Why it matters: The $6 billion in 30-day spot bitcoin ETF outflows — from the same institutional buyers who drove this cycle — means relief rallies are likely to hit a hard ceiling until those flows reverse, per McCluskey. The $60,000 put wall from Friday's $10.6 billion Deribit options expiry makes that level a real technical and psychological floor that has already been tested this month.
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