#加密美股齐跌，下轮反弹的驱动力在哪？ Crypto and U.S. stocks both fall: What could drive the next rebound?
U.S. tech stocks and the crypto market have come under pressure in tandem once again. On November 13, the Nasdaq fell 0.9%, Nvidia dropped 2%, AMD plunged 8.8%, and Bitcoin slipped below the $70,000 mark.
Recurring inflation pressures, rising expectations of Fed rate hikes, pressure on tech stock valuations, and continued outflows from crypto ETFs have all weighed on risk appetite.
So where could the next rebound get its momentum?
First, improving macro liquidity. If upcoming inflation data cools and expectations of Fed rate hikes ease, capital may flow back into risk assets.
Second, the earnings performance of the AI industry. Nvidia’s earnings report and Anthropic’s planned IPO next week will be in the spotlight, potentially putting the staying power of the AI investment narrative to the test.
Finally, a recovery in capital flows within the crypto market itself. As highly leveraged positions are gradually cleared out, an end to sustained outflows from spot ETFs could bring institutional investors back and help drive a Bitcoin rebound.
It is worth noting that although the market is showing clear signs of being oversold, falling valuations do not necessarily mean a bottom has formed.
A truly sustained rebound requires macro policy, capital flows, and market sentiment to align.
Will the next move be a technical rebound or the start of a new bull cycle?
U.S. tech stocks and the crypto market have come under pressure in tandem once again. On November 13, the Nasdaq fell 0.9%, Nvidia dropped 2%, AMD plunged 8.8%, and Bitcoin slipped below the $70,000 mark.
Recurring inflation pressures, rising expectations of Fed rate hikes, pressure on tech stock valuations, and continued outflows from crypto ETFs have all weighed on risk appetite.
So where could the next rebound get its momentum?
First, improving macro liquidity. If upcoming inflation data cools and expectations of Fed rate hikes ease, capital may flow back into risk assets.
Second, the earnings performance of the AI industry. Nvidia’s earnings report and Anthropic’s planned IPO next week will be in the spotlight, potentially putting the staying power of the AI investment narrative to the test.
Finally, a recovery in capital flows within the crypto market itself. As highly leveraged positions are gradually cleared out, an end to sustained outflows from spot ETFs could bring institutional investors back and help drive a Bitcoin rebound.
It is worth noting that although the market is showing clear signs of being oversold, falling valuations do not necessarily mean a bottom has formed.
A truly sustained rebound requires macro policy, capital flows, and market sentiment to align.
Will the next move be a technical rebound or the start of a new bull cycle?
