Bitcoin tracked falling chip stocks for a second day, with the Fed’s hawkish tone and ETF outflows adding pressure.
Bitcoin slipped toward $62,500 on June 24 as a second day of heavy selling in technology stocks kept pressure on risk assets worldwide, dragging the coin down nearly 5% on the week. The token’s struggles tracked a renewed rout in semiconductor stocks, with Micron, Marvell, and On Semiconductor leading losses after more than doubling earlier this year.
An attempted rebound in Asian chip stocks failed to hold on Wednesday, with Taiwan Semiconductor down more than 3%.
Macro headwinds piled on. The dollar climbed to a seven-month high as investors rotated into safer assets, while Bitcoin’s exposure to the Federal Reserve’s rate path kept weighing on sentiment.
US spot bitcoin ETFs haven’t helped the picture either. US spot bitcoin ETFs have seen a record 30-day net outflow of more than $6 billion. On June 26, roughly $10.6 billion in notional value is set to expire on Deribit, with most positions clustered around the $60,000–$80,000 range.
Read more: Bitcoin price prediction
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