Bitcoin fell 2.1% to about US$62,546 on June 24, while ether dropped 3.7% to US$1,661, extending a broad crypto sell-off as technology stocks stayed under pressure.

XRP fell 2.2% to US$1.10, solana lost 3.3% to US$69, and dogecoin was down 9.8% over the past seven days.

The Philadelphia Semiconductor Index fell 7.9% on June 23, while the S&P 500 lost 1.4%, and the Nasdaq 100 dropped 3.3%.

Mike McCluskey, co-founder of tx, a crypto company, said that more than US$6 billion in 30-day net outflows from spot bitcoin exchange-traded funds in the US signaled that institutions were reducing risk.

He also pointed to about US$10.6 billion in notional bitcoin options due to expire on Deribit, a Dubai-based crypto derivatives exchange, on June 19.

Separate market data showed that a US$6.35 billion 30-day ETF outflow was the largest since the products launched in January 2024, though cumulative historical net inflows remained positive.

🔗 Source: CoinDesk