Crypto stocks slump as Nasdaq correction triggers $17T risk-off rout

Crypto stocks were battered on Friday as weakness in U.S. equities rippled into high-risk assets. The Nasdaq 100 entered correction territory (down more than 10% from its January peak), while the S&P 500 edged toward a correction (down ~8.5%). Bitcoin fell below $66,000 (around $65,820), reinforcing the broad sell-off. Crypto stocks such as COIN, MSTR, HOOD and miners tumbled roughly 5%-10%. Coinbase (COIN) dropped nearly 7%, Gemini (GEMI) fell almost 9% (one of the steepest moves), and Robinhood (HOOD) slid about 6%. Strategy (MSTR) and Twenty One Capital (XXI) fell about 6%, while Ethereum treasury-linked names like BMNR and SBET were down around 5%. Miners that trade as leveraged bets on bitcoin and AI infrastructure extended declines: RIOT, CLSK, IREN, HIVE and HUT each lost about 5%-8%. MARA gave back earlier strength and was down ~6%, while BTDR was down ~8%. The move fits a wider “purge” in which about $17 trillion of market value was erased across Mag7 tech, precious metals and bitcoin from recent records. Fed officials warned about renewed inflation pressure from rising oil and fragile labor conditions; yields swung accordingly (10-year near 4.5% then easing; 2-year back toward ~3.91%). Traders appear to be shifting from expecting rate cuts to weighing the risk of higher-for-longer. Overall, crypto stocks weakness is likely to keep risk appetite fragile as traders react to rates and geopolitics, with Friday’s sell-off resembling the pattern seen since the Iran-related escalation.