South Korea’s Kospi tumbled as much as 9%, triggering its second trading halt of the week, as chipmakers SK Hynix and Samsung both fell more than 8%. Nasdaq 100 futures fell 1.5%. Brent crude slipped below $74 a barrel, easing little of the pressure, after a projectile strike on a vessel in the Strait of Hormuz briefly revived supply concerns.

The crypto-specific selling added to it. Part of bitcoin’s pullback came from large holders selling sizable amounts into a market that has been slow to absorb the extra supply, said Gabe Selby, head of research at CF Benchmarks, in an email to CoinDesk.

He said much of the new money and investor attention has flowed into AI plays lately, leaving crypto fighting for a smaller share of overall risk…