CoinDesk
Bitcoin slid to $62,715 in Asian trading on Friday — down 1.9% on the day and 14.5% on the week — as the artificial-intelligence trade that powered global risk assets through 2026 ran out of momentum. Ether dropped a sharper 4.8% to $1,696, now off more than 15% on the week, while Solana fell 5.4% to $66.51, booking a seven-day loss of 18.5%.
Why it matters
The sell-off originated outside crypto. Broadcom's quarterly AI-chip outlook missed elevated expectations on Wednesday, snapping a months-long semiconductor rally. Nasdaq 100 futures slipped another 0.9% on Friday, extending a third straight session of declines. South Korea's KOSPI tumbled 4.7% — chipmaker SK Hynix shed 8% — and MSCI's Asia-Pacific gauge fell 1.4%. Currency markets added their own stress signal: the Korean won hit a 2009 low, and the Indonesian rupiah traded near a record low as foreign investors pulled billions from local bond markets. This is a coordinated, cross-asset risk-off shift, and crypto is sitting squarely inside it.
Market impact
The structural backdrop has deteriorated sharply. U.S. spot Bitcoin ETFs have logged 13 consecutive sessions of net outflows totalling roughly $4.4 billion since mid-May. Strategy filed its first disclosed BTC sale since 2022 this week, offloading 32 BTC to cover preferred stock dividend obligations. Together, those two flows have stripped away the structural bid that supported Bitcoin through most of the past 18 months. Hyperliquid's HYPE, the last top-10 token holding weekly gains, dropped 14.8% to $62.14, erasing nearly all of its outperformance. The next catalyst is Friday's U.S.
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