Bitcoin slides toward $62K as a two-day chip stock selloff weighs on crypto

The main driver today was a spillover from equity markets, where semiconductor stocks fell for a second straight session. Chip companies are closely watched in crypto because they supply the hardware that powers Bitcoin mining — when chip stocks sell off sharply, it tends to drag crypto sentiment down with it, and that pattern held today with Bitcoin dipping toward $62,000. Against that backdrop, one piece of data offered a counterweight: on-chain analytics show that long-term Bitcoin holders — sometimes called 'OG' investors, meaning people who have held BTC for years — have significantly slowed their selling. When this cohort stops distributing coins, it typically reduces the supply pressure that can push prices lower. It doesn't guarantee a recovery, but it removes one headwind. The Fear & Greed index reading of 17 places the market firmly in Extreme Fear territory, reflecting how cautious participants have become. Most top-15 assets moved less than 1% in either direction, which is consistent with a market waiting rather than acting. Zcash was the sharpest decliner in the tracked group, falling 2.11%, while Ethereum edged up 0.82% — a small outperformance relative to Bitcoin that kept ETH dominance roughly steady at 9.01%.

• –On-chain analytics firm CryptoQuant published a note arguing that Michael Saylor's Strategy — the company that has accumulated more Bitcoin than any other public firm — should pause its BTC purchases, citing market absorption concerns.
• –The US Senate opened an inquiry into a reported $500 million investment by UAE interests in a crypto venture linked to President Trump, raising questions about conflicts of interest in crypto policymaking.
• –Zcash fell 2.11% to $413.61, the steepest decline among the top 15 tracked assets, with no specific catalyst identified beyond the broader risk-off tone.