Micron, Marvell and On Semiconductor, each more than doubling in 2026, led the decline. The selloff sent the S&P 500 down 1.4% and the Nasdaq 100 down 3.3%. An attempted rebound in Asian chip stocks failed to hold up on Wednesday, with Taiwan Semiconductor falling more than 3%.
Oil has continued to fall, which is the other half of the macroeconomic picture. Brent crude slipped about 1% to $76 a barrel as tanker traffic crossing the Strait of Hormuz became more visible following the interim peace deal between the United States and Iran. The dollar gauge rose to a seven-month high as investors turned to safer assets.
The crypto-specific signal is in fund flows, Mike McCluskey, co-founder of tx, said in an email to CoinDesk. He called bitcoin’s stabilization in the low-to-mid $60,000 range a measured response to the Federal Reserve’s hawkish turn, given the severity with which such changes typically affect digital assets.
U.S. spot Bitcoin ETFs saw a record 30-day net outflow of more than $6 billion, which McCluskey described as a reduction in institutional risks backed by the same buyers who drove this cycle. Until those flows clearly reverse, he said, relief recovery risks hitting a hard ceiling.
McCluskey also reported Friday’s options expiration on Deribit, with a notional value of approximately $10.6 billion set to expire. An option is a contract giving the right to buy or sell at a fixed price, and the notional value is the total value of the assets covered by these contracts.
