The tech stocks have found buyers to take the baton while they, too, await the Fed; Bitcoin is still trying to confirm who its buyers are.

On October 27, all three major U.S. stock indexes closed higher. The Nasdaq rose 1.18%, the S&P 500 gained 0.60%, and chip and AI stocks once again provided the main boost.

But crypto markets didn’t move in sync.#比特币 It briefly fell below $80,000 that day. Even as Asian tech stocks rebounded sharply, crypto assets as a whole remained weak. By October 28, Bitcoin had recovered to around $81,000. While prices had bounced back somewhat, whether the recovery can last still depends on new buyers stepping in.

This creates a divergence worth watching: both are classified as risk assets, so why did #科技股 rebound first while Bitcoin lagged?

The same risk appetite, two different market moves

The rise in U.S. stocks was not a broad-based rally. The Nasdaq clearly outperformed the Dow, with money flowing mainly back into chips, memory, optical communications, and some large tech companies. The market is trading on AI demand, earnings from major tech companies, and whether data center investment can continue translating into revenue.

Bitcoin, however, faces a different set of questions. On October 27, as Bitcoin fell below $80,000, Asian tech markets, including South Korea, were rising. The two types of assets did not move in sync according to the single narrative of “recovering risk appetite.”

Being in the same risk-asset category does not mean money will flow into them at the same time or for the same reason.

Short-term correlation only shows that prices moved together at some point; it does not prove that the two types of assets are always driven by the same buyers. When tech stocks have earnings and industry catalysts, while the crypto market is still digesting leverage, fund flows, and earlier selling pressure, divergence is no surprise.

The tech stock rebound has more concrete support

There are relatively clear trading signals behind this tech stock rebound: chip stocks have strengthened for several consecutive sessions, earnings from major tech companies are approaching, and the market is reassessing AI capital spending and demand for computing power.

This does not mean the market’s concerns about the returns on #Aİ investment have gone away. It only shows that, ahead of earnings releases and amid expectations for corporate profits, investors are willing to return first to areas with greater certainty.

Bitcoin has no corporate profits, orders, or earnings reports that can be used for direct verification. Its incremental demand comes mainly from spot buying, ETF flows, corporate purchases of Bitcoin, and risk appetite in the derivatives market. So when these sources of funds do not combine into sustained buying pressure, a rise in tech stocks will not automatically lift Bitcoin.

How much can the Fed explain?

The Federal Reserve held its policy meeting on October 27–28. Ahead of the meeting, expectations that interest rates would remain unchanged were dominant. So “whether it will raise rates” may not be the only variable; how the policy statement describes inflation and what it signals about the future rate path also matter.

Even if the decision does not significantly exceed expectations, U.S. stocks and Bitcoin may still react differently. Tech stocks will continue to weigh corporate earnings and AI investment, while the crypto market will also need to assess whether ETF flows, leveraged positions, and spot-market demand are improving.

The Fed’s decision can set the market’s direction, but it cannot find buyers for every asset.

Therefore, attributing every Bitcoin price move to interest rate expectations overlooks the crypto market’s own funding structure. Macroeconomic factors become more compelling as an explanation only when U.S. stocks, crypto assets, the dollar, and Treasury yields all move consistently at the same time.

After the decision, watch these three signals

First, watch whether Bitcoin can hold above $80,000 after the volatility. A brief move above or below that level only shows that prices have been jolted; staying there for a sustained period better reflects a shift in buying and selling pressure.

Second, watch whether U.S. spot Bitcoin ETFs see consecutive net inflows. A single day of inflows can ease selling pressure, but only a sustained stream of funds could become a more reliable source of incremental buying.

Third, watch Bitcoin’s relative performance against the Nasdaq. If tech stocks continue to strengthen while Bitcoin keeps lagging, that suggests the divergence is coming from within the crypto market. If the two move back in sync after the decision, macro liquidity remains the more important pricing factor.

Conclusion

Tech stocks have already responded to earnings and the AI trade with gains, while $BTC is still waiting for a clearer answer from fund flows.

The Fed’s decision may create volatility, but volatility is not direction. The next leg of the market will still depend on who is willing to keep buying after the news is out and hold on to their positions.

The key question to track now is not “Will Bitcoin follow the rally?” but how long the divergence between tech stocks and the crypto market will last. The answer will be more valuable than the price moves immediately after a single meeting.

Sources: Federal Reserve FOMC meeting calendar; CoinDesk market report, October 27; Sina Finance report on the U.S. stock market close, October 28. Market data is time-sensitive and does not constitute investment advice.