Chips went down, so did everything: $ETH loses twice what $BTC lost and HYPE catches a 10% L 😬

A selloff in Asian semiconductor stocks dragged every major cryptocurrency lower on Friday, with ether falling about twice as much as bitcoin and hyperliquid's HYPE shedding roughly five times as much. Ether dropped 4% to $1,850, while bitcoin eased 2% to about $63,400 after failing twice at $65,000. HYPE was the day's worst performer at $60, down 10% on the day and 12% on the week, its steepest stretch since June.

Solana slid 2% to $75 and is off 5% for the week. XRP eased 2% to $1.09, BNB fell 2% to $571, TRON slipped to 32 cents, and dogecoin lost 2%. Ether remains the only major token still green on the week at roughly 4% over seven sessions.

The selling began in chips. MSCI's Asia Pacific equities gauge dropped 3% and was headed for its lowest close in two months. Japan's Nikkei 225 slumped 5% in its worst session since March, with Taiwan Semiconductor on track for its biggest one-day decline since April 2025 and Japan's Kioxia falling as much as 16%. Investors cited concerns that this year's AI-driven rally moved too far too fast, with the unwind arriving in the chip tape rather than in any onchain signal.

U.S. spot ether ETFs took in nearly $97 million over the first three days of the week, more than across all of last week, with BlackRock's funds accounting for almost all of the inflows. That demand did not stop ether from underperforming bitcoin when risk appetite reversed. Wintermute's OTC desk described the week as "consolidation under resistance rather than continuation," noting in an email that spot volumes fell rather than rose into the highs.

Glassnode's onchain metrics have yet to confirm a reversal, and the Crypto Fear and Greed Index sat at 25, in extreme fear territory. Oil prices also surged on escalating Middle East tensions, adding to the risk-off tone across global markets.