Key facts
- Bitcoin fell to a two-week low of $62,000, extending weekly losses.
- The decline coincided with a broad sell-off in technology and semiconductor stocks.
- U.S. spot Bitcoin ETFs recorded a record 30-day net outflow exceeding $6 billion.
- MicroStrategy shares dropped below $100 for the first time since March 2024.
- Ether, XRP, and Solana also experienced significant price decreases.
Bitcoin slid toward $62,000 on Wednesday, extending its weekly losses as a broad sell-off in technology and semiconductor stocks pressured risk assets globally. The token traded around $62,546, down 2.1% over 24 hours and 4.9% on the week. This decline mirrored a significant rout in semiconductor shares, which sent the Philadelphia Semiconductor Index down 7.9% on Tuesday, impacting major players like Micron and Marvell. The broader market also felt the pressure, with the S&P 500 falling 1.4% and the Nasdaq 100 down 3.3%.
Adding to the negative sentiment, U.S. spot bitcoin ETFs have experienced a record 30-day net outflow of more than $6 billion, which analysts interpret as sustained institutional de-risking. This trend suggests that relief rallies may face resistance until these flows reverse. The market is also looking ahead to Friday's options expiry on Deribit, where approximately $10.6 billion in notional value is set to expire, with most positions currently out-of-the-money around the $60,000 put and $80,000 call levels.
Shares in MicroStrategy (MSTR), a major Bitcoin accumulator, fell to their lowest price in over two years, trading below $100 for the first time since March 1, 2024. The company's shares were down nearly 5.5% on the day, extending a recent tailspin that has seen them drop about 20% in the last week and more than 38% over the past month. MicroStrategy shares had previously peaked above $400 in 2025.
Other major cryptocurrencies also saw significant drops. Ether fell 3.7% to $1,661, marking a 7.2% weekly loss, while XRP dropped 2.2% to $1.10 and Solana lost 3.3% to $69. The downward pressure on risk assets was further compounded by falling oil prices, with Brent crude slipping toward $76 a barrel. A gauge of the U.S. dollar also climbed to a seven-month high, indicating a move toward safer assets.