🔥 Nearly half of the Nasdaq 100 component stocks pulled back more than 20%: structural signals facing the crypto market

Among the Nasdaq 100 component stocks, 48% have already pulled back more than 20% from their own highs, and the proportion has doubled over the past 12 months. The U.S. stock rally is increasingly supported by a small number of stocks, and this concentration risk is now being transmitted to the crypto market.
On-chain Nasdaq
When volatility in traditional markets rises, crypto assets as risk assets are hard to stay unaffected. Selling pressure for short-term Bitcoin holders has eased somewhat, but the scale of ETF inflows is not enough to confirm a trend reversal. Analysts say Bitcoin needs to reclaim $70,700 (the cost basis of short-term holders) to be the primary signal of a trend shift.
The risk is that if U.S. stocks pull back further, the crypto market may face more severe capital outflows. AI investment’s contribution to U.S. GDP growth is over 25%; money is accelerating into the AI space, while the crypto market lacks new narrative catalysts. The foundation for a short-term rebound is not solid.
$btc #sk # Stablecoin #etf # On-chain data