Crypto Falls With Tech Stocks as AI Trade Loses Steam
Bitcoin slid to $62,715 on Friday, down 1.9% on the day and 14.5% on the week, as the artificial-intelligence trade that has powered global risk assets through 2026 ran out of breath. Ether dropped 4.8% to $1,696, and Solana fell 5.4% to $66.51. The selloff was led from outside crypto after Broadcom's quarterly AI-chip outlook missed elevated expectations on Wednesday, pausing a months-long advance in semiconductor stocks. Nasdaq 100 futures slipped 0.9%, extending the index to a third straight day of declines. In Asia, South Korea's KOSPI tumbled 4.7%, and chipmaker SK Hynix fell 8%. Currency markets showed stress: the Korean won slid to a 2009 low, and the Indonesian rupiah neared its record low. Hyperliquid's HYPE dropped 14.8%, erasing its weekly gain. U.S. spot bitcoin ETFs have logged 13 straight sessions of net outflows totaling $4.4 billion since mid-May. Strategy filed its first disclosed bitcoin sale since 2022, offloading 32 BTC. The next test is Friday's nonfarm payrolls report, which could shift expectations for Fed rate cuts.
Key facts
- Bitcoin down 1.9% to $62,715, ether down 4.8%.
- Broadcom's AI-chip outlook miss triggered tech selloff.
- Korean won sinks to 2009 low; KOSPI drops 4.7%.
- Spot bitcoin ETFs see 13-day outflow streak totaling $4.4B.
- Strategy sells 32 BTC for dividend obligations, first since 2022.