Gate Research: Global Tech Stocks Under Pressure, Crypto Market Sees Over $1 Billion in Long Liquidations

• Stock Markets: U.S. stocks posted mixed results, with a rebound in technology shares failing to prevent the Nasdaq from losing more than 3% for the week. Hong Kong stocks declined, led by weakness in AI applications, hardware, and optical communications. South Korean stocks plunged, with the KOSPI falling more than 6% amid approximately KRW 2.77 trillion in net foreign outflows.

• Market Commentary: The crypto market came under renewed pressure, with BTC and ETH falling 0.76% and 4.17%, respectively, over the past 24 hours. The Fear & Greed Index stood at 29 (Fear), while total liquidations reached approximately $1.071 billion, including around $996 million in long liquidations, highlighting persistent deleveraging pressure.

• Trending Tokens: ICNT (+9.58%), RSR (+7.59%), and ERA (+6.51%) led the gains, with capital rotating primarily around decentralized cloud computing, stablecoin infrastructure, and Rollup scaling narratives.

• Alpha Insights: The attacker behind the Drift Protocol exploit transferred approximately $6.92 million in USDC to Hyperliquid and established simultaneous BTC long and ETH short positions using 20x leverage, with a combined notional value of approximately $26 million. South Korea is considering introducing the Digital Asset Basic Act, which could shift exchange entry requirements to a licensing regime and impose shareholding caps on major shareholders. Large-scale long liquidations also highlighted the short-term vulnerability of ETH and highly leveraged altcoin positions.

Discover more details today → Gate Research: Global Tech Stocks Under Pressure, Crypto Market Sees Over $1 Billion in Long LiquidationsGate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer

Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.

Gate Team
November 9, 2026

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