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After nearly two years of declines, alts have run out of sellers and steadied, while bitcoin has dropped hard, sliding back toward $63,600.
By Shaurya Malwa and Omkar Godbole
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Bitcoin’s sell-off to $62,400, down more than 2.5% over the past 24 hours, has brought the asset back to its 200-week moving average (200WMA), a long-term trend indicator that averages Bitcoin’s closing price over the previous 200 weeks. The 200WMA currently sits at $62,457, leaving bitcoin once again fighting to hold this key level as support.
Bitcoin first fell below the 200WMA on June 5 and has since consolidated around the indicator. In 2022, a decisive break beneath the 200WMA led to further downside towards the realized price, the average on-chain acquisition cost of all circulating bitcoin. The realized price is currently near $54,000 and could become the next major support level if selling pressure intensifies.
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The selloff that began in U.S. technology stocks continued to Asian markets on Tuesday. South Korea’s Kospi closed down 10%, its fourth circuit breaker of the year – after none in 2025 – as chip giants Samsung Electronics and SK Hynix fell more than 12% and foreign investors dumped over $2.5 billion of shares.
Bitcoin is holding far better, easing toward $63,000, the low end of its recent range, per CoinDesk data.
Forced selling hit Korean retail traders using borrowed money, compounded by leveraged exchange-traded funds tracking the two chip stocks, which multiply a stock’s daily move through borrowing and magnify the swings on the way down.
One fund targeting twice the daily return of SK Hynix lost more than 25%, Bloomberg reported. Korea’s volatility gauge spiked toward 90.
Samsung and SK Hynix are global proxies for AI chip demand, so their slide is the same trade that hit SpaceX and the Nasdaq this week, with investors reassessing whether the enormous spending on AI will pay off.
Forced-liquidation cascades have long been crypto’s signature, and this week they are tearing through leveraged stock markets while bitcoin stays orderly.
Part of the reason is local. Korean retail traders, once a major force in crypto, have largely shifted to leveraged stock bets, and crypto now makes up only about 8% of Kospi volume, so the equity panic had little direct crypto selling to feed.
The calm may not hold, however.
Bitcoin and risk assets remain closely linked, so a deeper unwind in the AI trade could eventually test it in the coming days.
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Deutsche Bank cut its gold price forecasts by as much as 22% on Tuesday, the second major bank in a week to temper a bullish view, citing investors growing wary of U.S. monetary policy and fading investment demand. The reason is the same macro shift weighing on bitcoin.
The bank now sees gold at $4,300 an ounce in the third quarter, down more than a fifth, and $4,800 in the fourth, down 17%, analyst Michael Hsueh wrote.
Both still imply gains from about $4,140 now, just far less than before. It follows Goldman Sachs, which last week cut its year-end target by $500 to $4,900 after concluding the Fed will not cut rates this year. Gold has fallen more than 11% this quarter.
The common thread is the Federal Reserve. Kevin Warsh’s first meeting as chair last week held rates but signaled growing support for hikes, taking off the table the cuts markets had expected. That lifts real yields, the return on cash and bonds after inflation, and firms the dollar.
Gold and bitcoin both pay no yield, so both look less attractive when safer returns rise.
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Perpetual futures tied to SpaceX stock are now the sixth-largest in the world, with a notional open interest of $812 million, according to data from Laevitas.
Notional open interest refers to the dollar value of the number of active or open contracts at any given point in time.
That OI figure places SpaceX well ahead of the perpetuals tied to the leading privacy-focused token zcash (ZEC), but still behind payments-focused cryptocurrency XRP.
Exchange-level data points to a heavy concentration of SPCX activity on a select few exchanges. Decentralized exchange Hyperliquid holds the largest share at $333.2 million, accounting for 41% of total SPCX open interest, followed closely by Binance with $291.33 million.
Together, the two venues command nearly 77% of global SPCX positioning, highlighting a notable reliance on a handful of dominant liquidity pools for price discovery and risk management.
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A widely watched indicator has flipped to “altcoin season,” for the opposite reason the label suggests. Glassnode’s Altcoin Cycle Signal, which reads above 50 when alternative coins, or alts, outperform bitcoin, has climbed to 86.
Alts are not rallying; bitcoin is just falling faster than they are.
The signal tracks relative performance, so alts can lead either by rising or by falling less. After nearly two years of declines, alts have run out of sellers and steadied, while bitcoin has dropped hard, sliding back toward $63,600, per CoinDesk data.
Bitcoin, as Glassnode puts it, “is still doing most of the work.”
A real altcoin season has capital rotating into smaller tokens as they climb. This is the hollow version, where the reading turns bullish for alts because bitcoin is selling off, which is bearish for the market as a whole. Relative strength is not a rally.
Until alts start rising on their own rather than holding while bitcoin falls, the signal says more about bitcoin’s weakness than about demand for anything else.
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In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Jun 15, 2026
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.