Micron, Marvell and On Semiconductor, each more than doubling in 2026, led the decline. The selloff dragged the S&P 500 down 1.4% and the Nasdaq 100 down 3.3%. An attempted rally in Asian chip stocks failed on Wednesday, with Taiwan Semiconductor falling more than 3%.
Oil continued to fall as the other half of the macro picture. Brent crude fell about 1% to $76 a barrel. barrel as tanker traffic through the Strait of Hormuz became more visible following the interim peace agreement between the US and Iran. A gauge of the dollar rose to a seven-month high as investors moved toward safer assets.
The crypto-specific signal is in the fund flows, said Mike McCluskey, co-founder of tx, in an email to CoinDesk. He called bitcoin’s stabilization in the low-to-mid $60,000s a measured response to the Federal Reserve’s hawkish turn, given how hard such shifts usually hit digital assets.
U.S. spot bitcoin ETFs have seen record 30-day net outflows of more than $6 billion, which McCluskey described as continued institutional de-risking by the same buyers that drove this cycle. Until those flows clearly reverse, he said, relief rallies are likely to hit a hard cap.
McCluskey has also flagged Friday’s options expiration on Deribit, with a notional value of about $10.6 billion expiring. An option is a contract that gives the right to buy or sell at a set price, and face value is the total value of the assets that these contracts cover.
