Crypto majors and recent altcoin winners retreat sharply amid macro concerns and profit-taking after local highs.
Bitcoin fell 6% to $62,600 on Wednesday, dragging Ethereum and Solana down 6% and 9% to $1,750 and $68.40, respectively. Altcoins saw steeper declines, with NEAR dropping 18% and ZEC and VVV each falling 12% after hitting recent highs. Hyperliquid’s $HYPE, which peaked at $75, slid 9% to $65.70.
The selloff extended beyond typical market leaders, with recent altcoin winners retracing 10-20% of their gains. Arthur Hayes, BitMEX co-founder, announced he liquidated his $HYPE and $NEAR holdings, citing a potential market top driven by higher energy prices, upcoming AI IPOs, and anticipated shifts in U.S. policy.
Separately, BMNR, led by Fundstrat’s Tom Lee, filed for a $300M preferred stock raise, mirroring MicroStrategy’s strategy. MoonPay also unveiled MoonAgents, a tool enabling AI-driven crypto trading on behalf of users.