Micron, Marvell and On Semiconductor, each more than doubled in 2026, led the drop. The selloff pulled the S&P 500 down 1.4% and the Nasdaq 100 down 3.3%. An attempted rebound in Asian chip stocks failed to hold on Wednesday, with Taiwan Semiconductor down more than 3%.

Oil kept falling as the other half of the macro picture. Brent crude slipped about 1% toward $76 a barrel as tanker traffic through the Strait of Hormuz became more visible following the US-Iran interim peace deal. A gauge of the dollar climbed to a seven-month high as investors moved toward safer assets.

The crypto-specific signal sits 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…