U.S. stocks open, confirming that the global sell-off is transmitting to the U.S. mainland.

The Nasdaq opens down 2.36%, dropping over 500 points at one point.
The Philadelphia Semiconductor Index plunges 7%, marking the largest single-day decline in the period, with all 30 component stocks falling.
Memory chips are hit hardest, with SanDisk down 12.25%, Micron down 10.97%.
ARM and Qualcomm fall over 7%, ASML and AMD drop over 6%, TSMC declines 6.17%.
The seven giants diverge: Microsoft and Apple rise over 1%, but Tesla falls 4%, Nvidia drops over 3%.

BTC spot ETF experiences net redemptions for the 12th consecutive day, the longest record since the product’s inception.
A total of nearly $3 billion flowed out on the 10th, with total assets under management shrinking from $104 billion to $80.2 billion, a cumulative outflow of over $35 billion.
Single redemptions by IBIT exceed $3 billion, and institutional fund withdrawals continue to accelerate.

On the futures side, approximately $1.8 billion in positions have been closed, with over $1.1 billion in forced liquidations of high-leverage positions, a significant increase from the previous $500 million, indicating that leverage-driven long liquidations are far from over.
On-chain data also worsens: 10.2 million BTC are in loss, profit positions have fallen below a 15-year trend line, and long-term holders are under selling pressure, compounded by ETF redemptions creating dual selling forces.

BTC temporarily holds above the $61,862 support level, with the $62,000 support holding against the initial shock from the U.S. stock market open, but under the combined negative factors of ongoing ETF redemptions, futures liquidations, and expanding on-chain losses, support remains fragile.

If the semiconductor sector continues to weaken, it will drag down overall risk appetite.
Once the $62,000 level is broken, testing $60,000 will accelerate. $BTC