$BTC

‌ ‌ and #美股史诗级抛售 : The reason for the plunge has been updated—the Kurumi effect?
There’s a meme on short-video platforms lately: “Every time Kurumi gets a new episode, U.S. stocks plunge.”
After this anime’s latest episode aired, U.S. stocks suffered a historic sell-off, wiping out nearly $3 trillion and making history
For those who haven’t heard of it, here’s what the anime FX Fighter Kurumi is about: A college student wants to earn back the money her mother lost trading leveraged forex, so she follows in her mother’s footsteps and opens positions, then spends every day dancing on the brink of liquidation. The anime got a new episode recently, and U.S. stocks really played along—the Nasdaq fell 5.52% in a single day, the S&P 500 dropped 4.36%, and nearly $3 trillion vanished overnight. Netizens went wild. Meanwhile, someone posted a picture of train delays all over Tokyo, dubbed the plunge the “Kurumi effect,” and even paired it with the “Ding Xie effect.”
When the anime’s sixth episode aired, what happened to U.S. stocks was just like what happened in the show. So many people have become Kurumi: one line plunges, and in the aftermath of the AI boom, how many retail investors firmly believed that computing power never sleeps, and that NVIDIA and semiconductors would always have a solid floor—that every pullback was a golden buying opportunity? But today, semiconductors are down to just 1/6 of a conductor. Faith in the solid floor is gone, reduced to ashes.
The market has never gone easy on you just because you’re having a hard time!
But really, don’t blame the anime. Just look at how many negative catalysts there have been lately: a certain project was hacked, war, midterm elections, and so on.
On November 4, Bitcoin even bounced to $81,000 on the tailwind of the Dow rising 3%, looking like it was “decoupling from crypto.” But the next day, as U.S. AI stocks collapsed, the Nasdaq closed down 5.52%, and Bitcoin promptly plunged along with it, dropping straight from above $80,000 to $75,200—a daily fall of about 5.5%, with $140 billion wiped from its market cap in four hours. So much for “digital gold”—gold edged up 0.9% that day, while Bitcoin followed the Nasdaq. The mood had been optimistic, but 24 hours later, AI stocks slapped the Nasdaq down 5.5%, and Bitcoin plunged along with it. As of November 7, its price was hovering around $75,700, with a 24-hour fluctuation of less than 1%, much like someone who’s just been beaten up and is catching their breath in a corner.
What triggered this decline was neither an on-chain security incident nor a regulatory crackdown, but a collective collapse in U.S. AI stocks. The Nasdaq plunged 5.52% that day, the Philadelphia Semiconductor Index tumbled 12.25%, AMD fell more than 17%, and NVIDIA dropped over 9%. Bitcoin wasn’t immune; it just fell a few hours after chip stocks.

Liquidation data reveals the nature of the move better than prices do. Around $1.17 billion in crypto derivatives positions were forcibly liquidated over 24 hours, including $342.5 million in Bitcoin-related liquidations, 90.9% of them longs—about $276 million in bullish leveraged positions were wiped out at once within the same window. This wasn’t a “normal pullback”; it was a targeted purge of crowded longs. Long positions overwhelmingly dominated BTC, meaning the decline itself became self-reinforcing: prices fall → stop-losses are triggered → leveraged positions are liquidated → prices fall further.

The chain of contagion started in Washington, not on-chain. After Democrats won both chambers in the midterm elections, the market rapidly repriced the approval and regulatory hurdles facing AI data centers, with chip, memory, and optical communications stocks leading the retreat. Institutions moved in the same direction: for the week ending November 6, U.S. spot Bitcoin ETFs saw net outflows of $1.28 billion, their worst weekly total since late June, wiping out the year’s cumulative net inflows in 2026. BlackRock’s IBIT saw $403 million in outflows on Friday alone, accounting for 88% of the day’s total outflows. The ETF channel has made the link between Bitcoin and institutional money in U.S. stocks extremely direct: AI stocks fall → risk budgets shrink → ETF redemptions → market makers and hedge funds cut BTC positions → leveraged longs are liquidated. No link in this chain requires a “crypto-specific reason.”

Glassnode data quantifies this relationship to a degree that’s hard to dress up with a different narrative: over the past 30 U.S. stock trading days, Bitcoin’s correlation with the S&P 500 reached 0.8, its highest level since 2020. A correlation of 0.8 isn’t just “somewhat correlated”—on the vast majority of trading days, the S&P’s direction can almost explain Bitcoin’s direction. The claim that “Bitcoin is trading independently” lacks an empirical basis in light of these figures.

The performance of the “digital gold” narrative during this decline deserves more serious consideration. Gold did not join the sell-off in risk assets over the same period, while Bitcoin moved in exactly the opposite direction from gold, falling in sync with risk assets. Bitcoin is far more volatile than gold, and its market structure relies heavily on ETFs and leveraged traders. Once institutional redemptions begin, derivatives amplify the selling pressure. This doesn’t mean the long-term fixed-supply thesis is completely invalid, but in a deleveraging environment with shrinking risk appetite, Bitcoin’s trading-asset characteristics outweighed its store-of-value properties. Treating it as a “safe-haven core holding” in a portfolio is an untested assumption in this scenario.

What truly calls for caution isn’t that the Kurumi effect has been “confirmed” once again. It’s that when Bitcoin’s 30-day correlation with the S&P 500 rises above 0.8, when a single week of ETF outflows can wipe out the year’s inflows, and when more than 90% of Bitcoin liquidations are longs, using “digital gold” or “independent asset” as a reason to hold it amounts to a failure of risk management at the narrative level. You can choose to trade it, but you need to understand what you’re trading: for now, it’s a high-beta risk asset dominated by institutional capital, one that gets cut first when macro shocks hit. You can keep the narrative, but don’t let it shield your position from the blow. #每周来晒 #加密市场承压