The Fear Index fell from 50 to 28 in a day. Bitcoin down 6%, liquidations topping $1 billion. And this time, crypto isn’t even to blame.
On Thursday, the S&P 500 lost 3.8%: Wall Street was dragged down by AI stocks. Crypto followed.
The numbers as of the morning of November 6:
$BTC ~$75,600, -6% in 24 hours;
$ETH ~$2,230, -8%, falling harder than Bitcoin;
BTC open interest down 6.7%;
market liquidations — over $1 billion.
Back in March, I wrote that Bitcoin no longer followed the S&P 500. This week shows otherwise: when big money flees risk, it doesn’t distinguish between AI stocks and crypto.
Why is ETH falling harder? It traditionally reacts more sharply than BTC to changes in risk appetite: when fear rises, investors exit ETH first.
What does this mean? The drop isn’t due to a problem within crypto, but to external fear. Moves like these can be sharp in either direction. Leverage on days like this is the shortest route to liquidation.
Are you doing anything with your portfolio today, or just watching?
On Thursday, the S&P 500 lost 3.8%: Wall Street was dragged down by AI stocks. Crypto followed.
The numbers as of the morning of November 6:
$BTC ~$75,600, -6% in 24 hours;
$ETH ~$2,230, -8%, falling harder than Bitcoin;
BTC open interest down 6.7%;
market liquidations — over $1 billion.
Back in March, I wrote that Bitcoin no longer followed the S&P 500. This week shows otherwise: when big money flees risk, it doesn’t distinguish between AI stocks and crypto.
Why is ETH falling harder? It traditionally reacts more sharply than BTC to changes in risk appetite: when fear rises, investors exit ETH first.
What does this mean? The drop isn’t due to a problem within crypto, but to external fear. Moves like these can be sharp in either direction. Leverage on days like this is the shortest route to liquidation.
Are you doing anything with your portfolio today, or just watching?
