Bernstein warns against buying the dip in NVIDIA, cuts rating to 'market perform'

According to EmberCN’s monitoring, after Anthropic set its IPO price range at $70–$78 per share, corresponding to a company valuation of roughly $1.26 trillion to $1.405 trillion, the largest Anthropic short position on Hyperliquid has continued adding to its holdings. Its current short position is valued at $70.5 million, with an unrealized profit of approximately $1.41 million. Meanwhile, the pre-market contract price of Anthropic (ANT) on Hyperliquid stands at around $104, some 33% above the upper limit of the IPO price range.

According to Glassnode data, as of November 9, the total supply of major stablecoins has dropped by around $14.2 billion over the past 30 days — the largest monthly decline since June 2022, surpassing the $9.5 billion fall recorded in July this year when Bitcoin dipped below $58,000. Glassnode explains that stablecoin supply contraction signals holders are redeeming stablecoins for U.S. dollars and exiting the crypto market, reducing the liquidity available to fuel market gains. The largest stablecoin, USDT, is currently trading slightly below its $1 peg, a trend Glassnode links to investors continuing to exit the stablecoin market. Other demand metrics are also weak. CryptoQuant data shows Bitcoin’s 30-day demand has fallen by 284,000 coins, the sharpest drop since March 2025. The Coinbase Bitcoin Premium Index slid to -0.27% on October 29, its lowest level since November 2022, and stayed in negative territory as of Wednesday, reflecting relatively weak demand and heavy selling pressure in the U.S. market.

Affected by the sell-off in U.S. tech stocks, Bitcoin hit an intraday low on Thursday and is now trading at around $73,400, down 0.7% from UTC 00:00; Ethereum fell about 0.5% to approximately $2,044. Nvidia dropped roughly 7% in pre-market trading, following reports of an extramarital affair between Jensen Huang and a company executive; The Wall Street Journal (WSJ) noted the board is preparing to oust him, though Nvidia has not yet made a decision on the matter. In capital flows, U.S. spot Bitcoin ETFs saw a net outflow of $299.9 million on Wednesday, marking the fifth consecutive trading day of net outflows, with a cumulative total of around $1.44 billion pulled out since November 5. BlackRock’s IBIT alone recorded a single-day net outflow of $269.7 million, its ninth straight trading day of fund redemptions. In derivatives markets, crypto futures volume fell 20.64% to $168.6 billion over the past 24 hours, while open interest dropped 2.92% to $125.8 billion, signaling cooling trading activity and capital outflows. Global crypto liquidations declined 63.67% to $263.7 million, with long positions making up 64.5% of the total. Bitcoin futures open interest fell roughly 2.9% and volume dropped 27.6%, with selling pressure remaining dominant.

US October inflation data came in higher than expected, reflecting widespread and persistent price pressures facing consumers, sparking concerns among some Federal Reserve officials who argue more aggressive measures may be needed to curb inflation. Over the past three months, prices of consumer computers and peripherals have risen at an annualized rate of 25%. Smartphone prices posted their largest monthly increase on record last month, though this coincided with the launch of Apple’s new iPhone Duo. Meanwhile, rising demand from data centers pushed electricity prices up 0.9% in October, the biggest gain in six months. Analysts from TD Securities and Morgan Stanley said these price hikes align with growing demand for chips and other electronics driven by AI-related needs. The boom in data center and related infrastructure construction is also driving overall economic growth, while Federal Reserve policymakers are currently working to ensure strong demand does not further exacerbate inflation. Preston Caldwell, chief US economist at Morningstar, noted in a client report that recent data raises the possibility that the massive demand stimulus from the AI boom is overheating the US economy again. If this trend persists through 2027, the Fed may need to raise interest rates multiple times.

According to HTX market data, Bitcoin has fallen below $73,000.

According to Lookonchain monitoring, address 0xc8b5 has closed its long position of 190,952 NVIDIA (NVDA) shares, with the position valued at approximately $30.67 million, incurring a final loss of around $2.45 million.