This article first appeared on GuruFocus.
Bitcoin (BTC-USD) came under fresh pressure as a broader tech-stock selloff weighed on risk assets and dragged crypto lower. The original cryptocurrency fell as much as 3.9% to $61,877, marking its lowest level since June 11, before paring part of the decline to trade around $62,300 during New York trading hours. Other major tokens also moved lower, with Ether dropping as much as 5.6%, Solana falling as much as 6.4%, and XRP slipping as much as 3.3%.
The move followed a sharp pullback in technology shares that began Monday in the US, as concerns around heavy artificial-intelligence spending returned to the market. The Nasdaq 100 sank as much as 3.4%, while selling pressure was even stronger in Asia, where South Korea’s Kospi fell 10% from a record high. Third Eye CEO and CIO Tian Zeng said Korean equities have been leading the low-breadth move in stocks, with many of those names now also trading as perpetual futures on Hyperliquid and other major centralized exchanges.
Bitcoin had briefly fallen below $60,000 in early June before recovering, but it has spent most of the month trading below $65,000. US-listed spot Bitcoin ETFs have seen $2.4 billion in outflows so far in June, adding another possible pressure point for sentiment. Crypto-linked stocks also weakened, with Strategy Inc. falling for a fifth straight session and now down more than 20% over the past week, while Coinbase Global Inc. dropped 2.5% and Circle Internet Group Inc. fell more than 4%. Strategy’s recent decision to sell some of its Bitcoin for the first time in several years, along with its use of common shares over the past three weeks to fund purchases, could be raising dilution concerns among investors.