Which sectors led the drop today?

TLDR

Layer 2 and DePIN led todays crypto drop.

1. Layer 2 tokens showed the steepest sector decline, with names like Mantle among the laggards per market roundups (Layer 2 led losses) report.
2. DePIN fell over 4% on the day, with Filecoin and Render among the notable decliners coverage.
3. A risk-off tone from tech stock weakness reinforced the crypto selloff (Nasdaq-led decline) market update.

Deep Dive

1. Layer 2 Weakness

Layer 2 tokens led sector declines in todays broad crypto pullback. Roundups cited the Layer 2 basket as the days worst performer, with individual L2 assets highlighted among the largest decliners (Layer 2 led losses) report.

• Additional day-of notes also flagged Layer 2 as the steepest decliner in sector tables, consistent with the underperformance pattern observed across risk assets wrap.

2. DePIN Slide

Decentralized physical infrastructure (DePIN) underperformed, down over 4% as a group. Filecoin and Render were called out among notable losers within the basket coverage.

• This mirrored a broader drift lower across mid-cap sectors, where risk-sensitive themes often swing more on macro and equity correlation days context.

3. Risk-Off From Tech

The days sector pattern lined up with weakness in U.S. technology shares, which weighed on risk appetite more broadly (Nasdaq-led decline) market update.

• Several reports tied cryptos slide to AI-related profit-margin worries and rotation out of growth, with equities selling reinforcing crypto sector underperformance recap.

Conclusion

Todays drop was led by Layer 2 and DePIN, consistent with a risk-off session tied to tech weakness. In this backdrop, higher beta crypto sectors underperformed while the broader market reflected the equity-led de-risking tone.