Coinbase: Bitcoin shows resilience during two rounds of chip stock sell-offs, no longer viewed by the market as a leveraged proxy for tech stocks.

BlockBeats news, October 21 - Coinbase Institutional posted that chip stocks have seen double-digit declines over the past two weeks, marking the second notable drop since June, while Bitcoin has shown greater resilience during both adjustments. It believes the market no longer views Bitcoin as a leveraged proxy for tech stocks.

According to the chart it published, between June 22 and July 29, Bitcoin remained essentially flat, the Nasdaq 100 Index fell about 10%, the Semiconductor Index (SOX) dropped about 29%, and Micron, South Korea's KOSPI Index, and SK Hynix declined approximately 39%, 38%, and 52%, respectively.

Since October 2, Bitcoin has fallen about 3%, the Nasdaq 100 Index has dropped about 4%, SOX has declined about 14%, and Micron, the KOSPI Index, and SK Hynix have fallen approximately 16%, 21%, and 31%, respectively.