CryptoQuant: Tech Stock Selloff Intensifies Pressure on Bitcoin to $75,000

BlockBeats news, November 6 — According to analyst Axel Adler Jr., the U.S. tech sector suffered its largest single-day drop since the COVID-19 pandemic. The Nasdaq 100 fell 6.36% to 26,630 points, the S&P tech sector dropped 7.3%, and the Philadelphia Semiconductor Index fell 12%; the VIX rose from 16.6 to 28.2 in one day, an increase of nearly 70%. The author noted that after Democrats won gubernatorial elections in Texas, Ohio, Georgia, and other states, they proposed pausing new data center construction, fueling market concerns over a slowdown in AI infrastructure and chip procurement, leading to reduced positions in risk assets.

Bitcoin came under pressure and fell to around $75,000 after retreating from about $80,000. The article pointed out that when stock market volatility rises, some funds will simultaneously reduce exposure to risk assets such as crypto to control portfolio risk, even if Bitcoin on-chain metrics may not necessarily deteriorate in tandem; if the Nasdaq stabilizes and the VIX pulls back, external pressure may ease, but while the tech selloff continues, the crypto market still faces the risk of further deleveraging.