Bitcoin Slides Toward $62,000 as Tech Stock Selloff Weighs on Crypto Market

Bitcoin fell closer to the $62,000 level today as a sharp decline in technology and semiconductor stocks continued to pressure risk assets across global markets. Btc traded around $62,600, down 2% over the past 24 hours and nearly 5% over the last week.

Crypto Market Faces Broad Selling Pressure

The downturn extended beyond Bitcoin. Ether dropped 3.8% to $1,662, bringing its weekly loss to 7%. XRP fell 2.3% to $1.10 and is down 9.3% for the week, while Solana declined 3.2% to $69. Dogecoin lost almost 10% over seven days. Hyperliquid’s HYPE token recorded one of the biggest declines, falling 9% in a single day and 18.6% on the week.

The decline dragged the S&P 500 down 1.4% and pushed the Nasdaq 100 lower by 3.3%. Asian chip stocks also struggled, with Taiwan Semiconductor falling more than 3%.

ETF Outflows and Options Expiry Add Pressure

According to market analysts, crypto sentiment has also been hurt by record outflows from US spot Bitcoin ETFs. More than $6 billion has left the funds over the past 30 days, signaling continued institutional caution.

Investors are also watching Friday’s major options expiry on Deribit, where contracts worth approximately $10.6 billion are set to expire. Analysts say the $60,000 level remains a key technical and psychological support zone for Bitcoin as traders assess whether the market can stabilize after weeks of pressure.