Big Tech Sell-Off Hits Risk Assets Hard and Crypto Suffers Most

Bitcoin (BTC) fell to around $62,500 on Tuesday as a Big Tech selloff pushed investors out of risk assets worldwide.

The slide tracked steep losses across Asian and European markets, where chipmakers led the retreat. Ether, XRP, and Solana fell harder than Bitcoin over the past 24 hours.

Bitcoin Price Performance. Source: BeInCrypto

Tech Selloff Drags Bitcoin and Altcoins Lower

Bitcoin recorded an intraday low of $61,938 on Tuesday, down about 5% over the past 24 hours, before recovering to $62,533 as of this writing. The token now trades at roughly half its record high of $126,080, set in October 2025.

Ether (ETH) lost about 6% to near $1,652. Solana (SOL) fell roughly 7%, and XRP slipped more than 3% to $1.10. Gold also fell below $4,200 after starting the week well above this threshold on Monday.

The steeper crypto losses fit a pattern. Bitcoin’s link to tech stocks hit a three-year high in late 2025, with its five-year correlation at 0.54.

Analysts at Wintermute warned then that Bitcoin had begun to fall harder than equities while lagging their rebounds.

A correlation coefficient of +1 indicates a perfect positive correlation, meaning that the price of Bitcoin and the Nasdaq 100 moved in the same direction during the specified time window. Conversely, a correlation coefficient of -1 indicates that the two variables moved in opposite directions. Source: LongTerm Trends

Institutional flows tell the same story. US spot Bitcoin ETF outflows hit a record $6.35 billion over 30 days through mid-June. That was the worst of 582 rolling windows tracked by Galaxy Research.

Semiconductor Rout and Rate Fears Spread

South Korea’s Kospi index sank about 10%, with Samsung and SK Hynix each closing more than 12% lower.

The selling spread to US chipmakers, with Nvidia, AMD, and Micron all sliding before the New York open. Investors questioned whether Big Tech’s heavy AI spending will pay off.

Tech rout intensifies as selloff grips global stocks. Source: CNBC

“Big Tech share buybacks are collapsing as AI spending eats the cash,” research firm Hedgeye indicated.

SpaceX deepened the rout, sliding more than 4% in premarket toward a sub-$2 trillion valuation, its lowest since IPO.

$SPCX – SPACEX SLIDES TOWARD $2 TRILLION THRESHOLD

SpaceX shares fell more than 4% in premarket trading, putting the company on track for a market value below $2 trillion for the first time since its IPO.

The stock traded near $148, slipping below its June 12 debut price of…

— *Walter Bloomberg (@DeItaone) June 23, 2026

Monday’s 16% drop wiped out about $400 billion. It ranked as the second-largest one-day loss for any company on record, according to FT.

Higher US rate fears compounded the pressure. The 10-year Treasury yield climbed to 4.48% as the Fed, led by Kevin Warsh, signaled it could raise rates again.

Strategists tied the speed of the falls to leverage and crowded positioning.

when stocks have gone up so far, so fast, and there’s a lot of leverage and lots of retail money involved, it doesn’t take much to trigger sharp falls,” FT reported, citing Mike Bell, head of market strategy at RBC BlueBay.

Bitcoin ETF outflows have since cooled 87% from their early-June peak. It suggests that the most intense institutional selling may be passing.

Only a swing back to inflows would confirm a bottom, but crypto steadying may hinge on how far the tech unwind runs.

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