Memory stocks open lower for the fifth straight session, with the Nasdaq weakening on its own
At the U.S. market open on October 16, the Dow rose 0.35%, the S&P 500 gained 0.1%, and the Nasdaq fell 0.23%. Memory chip stocks opened lower for the fifth consecutive trading day: SK Hynix fell 3.8%, SanDisk dropped 3.4%, Tesla rose 1.6%, and Apple gained 1%.
Money is shifting from tech hardware toward Dow components, leaving the Nasdaq to weaken on its own. This marginal pullback will directly weigh on crypto trading overnight. The strength of the rally during the Asian session will be dampened, and each test of the top of the range is getting knocked back. Market makers’ order-book depth on both the bid and ask sides is skewed toward sellers, so in the short term, prices are more likely to retest the lower, high-volume trading zone, build momentum, and then reassess direction. On-chain, the memory-stock theme translates into ; the fixed costs of computing power and staking haven’t come down, while ongoing token emissions are compounded by selling pressure from miner unlocks. As expectations for hardware demand ease, the upside for any rebound is capped below the previous range of bagholders. Gas is still low here, and ETF funds haven’t seen net outflows, so buyers are still stepping in when prices pull back near support.
For those of you holding , what’s your cost basis? With this round of valuation cuts in memory stocks, would you add at the current price or wait for a break below the previous low?
$BTC $FIL $ETH
At the U.S. market open on October 16, the Dow rose 0.35%, the S&P 500 gained 0.1%, and the Nasdaq fell 0.23%. Memory chip stocks opened lower for the fifth consecutive trading day: SK Hynix fell 3.8%, SanDisk dropped 3.4%, Tesla rose 1.6%, and Apple gained 1%.
Money is shifting from tech hardware toward Dow components, leaving the Nasdaq to weaken on its own. This marginal pullback will directly weigh on crypto trading overnight. The strength of the rally during the Asian session will be dampened, and each test of the top of the range is getting knocked back. Market makers’ order-book depth on both the bid and ask sides is skewed toward sellers, so in the short term, prices are more likely to retest the lower, high-volume trading zone, build momentum, and then reassess direction. On-chain, the memory-stock theme translates into ; the fixed costs of computing power and staking haven’t come down, while ongoing token emissions are compounded by selling pressure from miner unlocks. As expectations for hardware demand ease, the upside for any rebound is capped below the previous range of bagholders. Gas is still low here, and ETF funds haven’t seen net outflows, so buyers are still stepping in when prices pull back near support.
For those of you holding , what’s your cost basis? With this round of valuation cuts in memory stocks, would you add at the current price or wait for a break below the previous low?
$BTC $FIL $ETH