Ether Crashes Alongside Asian Semiconductor Stocks

A sharp sell-off in Asian semiconductor stocks on Friday dragged major cryptocurrencies lower, with Ether falling twice as hard as Bitcoin. The Nikkei index in Japan plummeted 5%, its worst session since March, while Taiwan Semiconductor and Kioxia suffered steep declines.

Ether dropped 4% to $1,850, underperforming Bitcoin despite strong inflows of nearly $97 million into U.S. spot Ether ETFs this week. BlackRock's funds accounted for almost all of these inflows. Market participants describe the move as consolidation under resistance rather than a confirmed reversal.

Wintermute's OTC desk noted that spot volumes fell rather than rose into the highs, while Glassnode's onchain metrics have yet to confirm a reversal. The Fear and Greed Index remains in extreme fear at 25.