CryptoQuant: Tech Stock Sell-Off Intensifies Pressure on Bitcoin, Pulling It to $75,000

According to an article by analyst Axel Adler Jr., the U.S. tech sector recorded its largest single-day drop since the COVID-19 pandemic. The Nasdaq 100 index closed 6.36% lower at 26,630 points, the S&P Tech sector fell 7.3%, and the Philadelphia Semiconductor Index plummeted 12%. The VIX volatility index surged nearly 70% in a single day, climbing from 16.6 to 28.2. The author states that after the Democratic Party won gubernatorial elections in Texas, Ohio, Georgia and other states, plans for new data center construction were suspended. Markets are worried that AI infrastructure development and chip procurement will slow, prompting position cuts in risk assets. Bitcoin has come under pressure, retreating from around $80,000 to roughly $75,000. The article notes that when stock market volatility rises, some funds will simultaneously reduce exposure to risk assets such as cryptocurrencies to control portfolio risk, even if Bitcoin’s on-chain metrics do not necessarily deteriorate in sync. If the Nasdaq stabilizes and the VIX falls, external pressure could ease; however, as long as tech sell-offs persist, the crypto market still faces further deleveraging risks.