Trading Moments: Crypto and Asia-Pacific Stocks Fall in Tandem; Short-Term Pressure May Persist

Every Monday, Wednesday and Friday, we focus on the crypto market, Japan, South Korea, China's A-shares and Hong Kong stocks, using data to review the market and trends to seize the initiative. Produced by us.

Bitcoin Falls Nearly 6% in a Single Day to Below $76,000 as Tech Selloff Spills Into Crypto

Bitcoin plunged last night in tandem with U.S. tech stocks. The crypto market fell broadly, with BTC's market cap dropping to $1.52 trillion. As of publication, BTC was at $75,721, down 5.9% in 24 hours, 3.4% over seven days and 9.9% over 30 days. After the Binance theft incident, BTC had briefly rebounded to $81,200; this decline erased all of those gains.

Institutional funds turned to outflows during the decline. SoSoValue data shows that on November 5, U.S. Eastern Time, U.S. spot Bitcoin ETFs recorded total net outflows of $430 million, compared with net inflows of $74.5677 million the previous day. Fidelity's FBTC led with $200 million in single-day net outflows, while BlackRock's IBIT saw $105 million in net outflows.

The derivatives market deleveraged during the decline, and options expiry further amplified volatility. About $2.64 billion in BTC options expire on Deribit at 16:00 today, with a put/call ratio of 0.38 and max pain at $79,000. Positions are concentrated in $82,000 and $85,000 call options, and the current price is already far below those strike prices.

The source of the decline was U.S. stocks. CryptoQuant analyst Axel Adler Jr. noted that tech stocks suffered their largest single-day drop since the COVID-19 pandemic. Democrats who won gubernatorial races in Texas, Ohio and Georgia pledged to pause new data center construction, sparking market concerns about a slowdown in AI infrastructure expansion. He believes that as long as the stock-market selloff continues, the risk of further position reductions in crypto remains. Data from another CryptoQuant analyst, Darkfost, shows that BTC's correlation metric with the S&P 500 rose above zero for the first time since 2015, with the coin increasingly moving in tandem with stock-market gains and losses. The policy outlook also weakened: CNBC reported that Democrats scored a major victory in the midterm elections and that the CLARITY Act may be shelved until 2028; The Wall Street Journal said Senator Elizabeth Warren, a longtime critic of the crypto industry, is expected to lead the Senate Banking Committee. Whether U.S. tech stocks can stop falling is the biggest variable for Bitcoin's near-term price action.

BTC came under pressure as the sharp U.S. tech-stock pullback transmitted through markets, trading in a range of roughly $75,000–$76,000 and showing signs of a sweep toward $75,000. Leading traders are generally cautious and waiting on the sidelines, or looking to position on dips. Michaël van de Poppe noted that Bitcoin was relatively more resilient than the Nasdaq that day (similar to the March 2020 situation); he expects the Nasdaq to bottom tomorrow, and Bitcoin may stabilize after sweeping $75,000. The current high volatility is the ultimate accumulation opportunity. Crypto Tony explicitly said he is waiting for the lows to be swept and will look for long opportunities after confirming they hold; he is not entering for now. Rekt Capital, looking at the cycle structure, believes Bitcoin has reached right-shoulder support similar to the 2023 cycle and is now deviating to the downside; it is currently about 13% below its prior high and still a considerable distance from its all-time high, so the near-term weakness has not fully cleared.

Ethereum Falls Nearly 8% to Below $2,300 as Whale Long-Short Divergence Widens

Ethereum fell even more, trading at $2,230 as of publication, down 7.9% in 24 hours, with its market cap dropping to $272.4 billion. U.S. spot Ethereum ETFs saw total net outflows of $99.9677 million yesterday (November 5, U.S. Eastern Time). BlackRock's ETHA led with $75.2030 million in net outflows, while ETHB saw $21.9878 million in net outflows. The previous day, the ETFs had just ended five consecutive days of net outflows and returned to net inflows of $53.02 million; after five straight days of outflows, fund flows turned positive for only one trading day before deteriorating again.

Derivatives also cooled. The ETH perpetual funding rate has turned negative at -0.0004%, open interest fell from $2.004 billion on November 5 to $1.708 billion, while the long/short account ratio rose from 2.6 to 3.36. Deribit ETH options expiring today have a notional value of about $224.5 million, with a put/call ratio of 1.27. Puts significantly outnumber calls, max pain is at $2,350, and there are also large positions around $2,100.

ETH also pulled back alongside risk assets during the same period, at one point dipping to around $2,200–$2,230, with greater volatility than BTC. Daan Crypto Trades (@DaanCrypto) believes ETH faced clear selling pressure after its earlier rebound and that short-term price action is weak, but on a larger timeframe, $2,100 and $2,800 serve as important downside support and upside target zones, respectively; if $2,100 is lost, the medium-term bullish structure will face a more serious challenge. Atrades noted that ETH's weekly chart has returned inside its range and is currently bearish unless it breaks out of the range at $2,464. Minga moved the stop-loss on the ETH position to $2,050, and Crypto Tony is also waiting for the lows to be tested and will consider going long again after confirmation.

Other major coins fell even further: XRP dropped 9.8% in 24 hours, SOL fell 6.9%, and among the top 100 by market cap, ZRO led declines with an 11.4% drop. Binance is still handling the aftermath of the theft incident: Binance announced that starting at 12:00 on November 6 it will open withdrawals for more assets in batches, and it has applied to ArbitrumDAO for the return of the frozen 8,425.997 ETH and about 74.56 million ARB. The entire governance process is expected to take about 49 days.

Today's Highlights:

• Monochrome Exchange launches platform token MCR, on-chain withdrawals open today
• Upbit 24-hour trading volume ranking: XRP, BTC, ETH, CARDS, SOL
• U.S. spot Bitcoin ETFs saw total net outflows of $430 million yesterday
• U.S. spot Ethereum ETFs saw total net outflows of $99.9677 million yesterday

Biggest gainers among the top 100 coins by market cap today: BTW +6.3%, RAIN +2.9%, ARB +1.7%, CC +0.7%, JST +0.6%.

Overnight Chip-Stock Crash Sentiment Sweeps Asia-Pacific; Korean Stocks Trigger Circuit Breaker, Nikkei Enters Bear Market

The transmission effect of the overnight sharp declines in U.S. tech stocks and the Philadelphia Semiconductor Index hit Asia-Pacific markets across the board, with concerns about slower AI infrastructure expansion making chips, memory and computing-power supply chains the hardest-hit areas.

South Korean stocks briefly triggered a circuit breaker in the morning session. The KOSPI closed down 6.02% at 5,059.69, and the KOSDAQ index fell 5.03%. All heavyweight stocks fell: SK Hynix dropped 10.44%, SK Square fell 10.51%, Samsung Electronics fell 6.35% and Samsung SDI fell 8.06%. Among the biggest decliners, Kumho Petrochemical and Korea Investment Holdings both fell 17.34%, while Hanwha Engine fell 14.26%. Bucking the trend, NHN rose 15.63%, Lotte Rental gained 10.40% and GS E&C added 6.44%. Bloomberg previously reported that KOSPI 200 index futures fell 7.9% overnight, and Samsung Electronics and SK Hynix at one point dropped more than 10% in premarket trading.

Japanese stocks also entered a technical bear market. The Nikkei 225 closed down 5.96% at 57,434.70, down 20% cumulatively from its June high; the TOPIX fell 5.90%. SoftBank Group plunged 10.83%, Japan Tobacco tumbled 19.31%, ROHM fell 15.00%, Ajinomoto dropped 12.40%, Tokyo Electron fell 5.60% and Advantest fell 4.99%. A few names closed higher: Sysmex rose 2.40% and Daikin Industries gained 1.51%.

Hong Kong stocks fell more modestly, but the structure diverged markedly. The Hang Seng Index closed down 1.27%, and the Hang Seng Tech Index fell 1.83%. Tencent dropped 2.46%, Xiaomi fell 2.94% and SMIC fell 4.04%. Some AI computing and semiconductor supply chain names fell more sharply: FIT Hon Teng dropped 14.16%, GDS fell 10.61% and Shanghai Enflame Technology fell 11.67%. Defensive and consumer names were relatively resilient: Li Ning rose 5.16%, Budweiser APAC gained 2.57% and Guangzhou Rural Commercial Bank rose 8.30%.

All three major A-share indices closed lower: the Shanghai Composite fell 1.10%, the Shenzhen Component dropped 2.57% and the ChiNext Index fell 3.96%. More than 4,700 stocks across the market declined, and combined turnover in the two markets was 1.66 trillion yuan, down 460.2 billion yuan from the previous trading day. Semiconductors and AI hardware led the decline: Dongshan Precision and Jereh hit the daily limit down, WUS Printed Circuit fell 9.62%, Zhongji Innolight dropped 9.19% and GigaDevice fell 8.99%. Defensive sectors bucked the trend: banks, power and telecoms strengthened, with China Construction Bank up 2.14%, China Mobile up 3.24%, China Telecom up 4.22% and Hua Hong Semiconductor up 6.86%.

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