Semiconductor Selloff Spills Over into Cryptocurrency Markets

A selloff in Asian semiconductor shares has spilled over into cryptocurrency markets, dragging major tokens lower on Friday.

Ether (ETH) fell about 4 percent to $1,850, underperforming bitcoin despite strong inflows of nearly $97 million into U.S. spot ether ETFs this week, most of it into BlackRock's funds.

Major cryptocurrencies including Solana, XRP, BNB, TRON, and dogecoin all fell between 2-10% on the day, while HYPE dropped 12% on the week, its steepest stretch since June.

The selling started in semiconductors, with MSCI's Asia Pacific equities gauge dropping 3%, heading for its lowest close in two months, and Japan's Nikkei 225 slumping 5% in its worst session since March.