Bitcoin, moving in tandem with a sell-off in Asian tech shares, briefly slid below $62,000.

On June 23, Cointelegraph reported that bitcoin fell to $61,860, approaching its lowest level in about two weeks since June 11.

The drop came as Asian stock markets broadly plunged. South Korea’s KOSPI index fell 10 percent, and Japan’s Nikkei 225 slipped about 4 percent. Selling poured into major tech shares, quickly weakening investor sentiment. Bitcoin was sensitive to that volatility.

There were also signs that flows that had concentrated on South Korean and Taiwanese stocks were being reversed. The Kobeissi Letter said there had been unprecedented inflows into the Taiwan and South Korea stock markets. Since January 2024, inflows into Taiwan equity funds have expanded to 155 percent of assets under management (AUM), and South Korea reached 150 percent over the same period. In South Korea’s case, that figure tripled in 2026 alone, stoking overheating concerns.

Bitcoin widened losses after failing the previous day in an attempt to break above $65,500. Trader Lennart Snyder said bitcoin plunged after taking $65,000 liquidity. He then pointed to $60,000 as the next entry zone, leaving open the possibility that a new low could form.

Other market participants also warned about near-term chart moves. The analysis account CryptoReving said bitcoin was trapped inside a bearish flag. If this continues, it could shake the range-bound trading that has persisted over the past month. The $54,000 warning is also read as market concern reflecting that additional downside scenario.

Derivatives markets, however, do not appear to be pricing in a major shock yet. QCP Capital said in a recent market analysis that despite key events scheduled this week, the market barely reacted and was largely unchanged. That means spot prices wobbled, but in the options market fatigue built up and directional bets did not intensify.

QCP Capital also pointed to seasonality ahead of the quarterly options expiry scheduled for Friday. It said crypto implied volatility tends to weaken after major quarter-end expiries, and the process of options sellers reallocating capital could have an impact. As a result, it is also being detected that derivatives markets are not expecting a sharp near-term rise in volatility, separately from short-term price declines.

This decline showed bitcoin moving closely not only with its own supply-demand dynamics but also with Asian stock markets, especially a correction in tech shares. At the same time, while spot prices wobbled, options volatility reacted in a limited way, also highlighting a temperature gap between spot and derivatives markets.

Markets in Taiwan and South Korea are experiencing unprecedented inflows: Total equity fund inflows into Taiwan have risen to +155% of assets under management (AUM) since January 2024, the largest among all global markets. South Korea has followed closely, at +150% of AUM over… pic.twitter.com/gXRGbpaTSg