U.S. markets staged a sharp relief rally on Nov. 4 as election results, falling oil prices and lower long-dated Treasury yields drove the Dow Jones Industrial Average up 1,569.40 points, or 3.03%, to a one-year high. The move reached cryptocurrency markets, where Bitcoin rose 3.98% over 24 hours to $80,518, although crypto-linked equities remained sharply divided between treasury companies, miners and data-center operators.
The rally came with a steep decline in implied equity-market volatility. The Cboe Volatility Index, or VIX, fell 20.26% to 16.61, while the S&P 500 gained 1.58%. Large-cap software and platform companies led much of the advance, whereas semiconductors and data-center-linked shares fell, sending the Philadelphia Semiconductor Index down 3.13%.
Election returns showed Democrats flipping seven Senate seats, nearly 30 House districts and five governor races, according to the figures provided. Markets also reacted to a retreat in the 10-year U.S. Treasury yield, which fell to 4.90%, supporting rate-sensitive consumer, financial and technology shares.
Oil's plunge reset the day's market leadership
Crude oil posted one of its largest daily declines in months as trading focused on the possibility that the conflict involving Iran could move toward an end phase. Brent crude fell 8.46% to $94.83 a barrel, while West Texas Intermediate dropped 8.13% to $88.27. Both benchmarks reached their lowest intraday levels since Sept. 4.
The collapse in crude weighed immediately on energy stocks. The Energy Select Sector SPDR Fund, known by its ticker XLE, fell 4.74%, leaving the energy sector disconnected from the broader equity rally.
Lower energy prices can ease inflation pressure if the move persists, although one session does not resolve the physical supply constraints still affecting fuel markets. QatarEnergy extended force majeure on LNG exports, while Europe's butane prices reportedly reached a 30-year high. Qatar also became the largest buyer of U.S. liquefied natural gas, adding another layer to a global gas market already shaped by transport bottlenecks and geopolitical risk.
The bond market remained cautious despite the yield decline. The 10-year-to-two-year Treasury spread stood at 32 basis points, while the 30-year-to-10-year spread was 38 basis points. Debate over Treasury supply also remained in focus after JPMorgan's Michele called for an end to issuance of 20-year Treasuries.
Software rallied as chip and data-center stocks sold off
Technology's gains were concentrated in a relatively narrow group of large companies. Apple rose 5.31% to $349.51, lifting its market capitalization to $5.08 trillion, above Nvidia's $4.82 trillion valuation based on the supplied market figures.
Microsoft gained 6.68% to a record close and Amazon advanced 6.12%. Together, the two companies added $424 billion in market value during the session, according to the report.
Chipmakers moved in the opposite direction. Micron fell 7%, while CoreWeave dropped 9.9%, amid concerns over data-center permitting and electricity availability. The reported election of Democrat Hinojosa as Texas governor added attention to the issue because the campaign opposed rapid data-center expansion. At least 29 community referendums also reportedly backed limits on data centers.
That divide matters for Bitcoin mining companies, which increasingly depend on the same power markets, land, transmission capacity and permitting systems sought by artificial-intelligence infrastructure operators. Restrictions on new high-load electricity connections can delay expansion plans or raise operating costs, particularly for companies with substantial Texas exposure.
Bitcoin rises despite ETF redemptions
Bitcoin joined the risk-asset rebound even as U.S. spot Bitcoin exchange-traded funds recorded net redemptions. The supplied flow data showed $115.6 million leaving the funds on Nov. 3, extending a three-day withdrawal streak to $1.16 billion.
BlackRock's iShares Bitcoin Trust, IBIT, recorded a reported single-day outflow of $405.3 million, its largest since June. The figures suggest that the Bitcoin price rebound was not accompanied by an immediate reversal in ETF demand.
Short liquidations may have amplified the move. Bitcoin Foundation figures cited in the supplied report put liquidations of short crypto positions at $380 million. When traders who have bet against an asset are forced to close those positions, they must buy back the asset or related derivatives, which can add momentum to a rally without necessarily signaling durable new demand.
Binance also said North Korean hackers had stolen $6.3 billion in assets after infiltrating targets through fake job interviews, according to the report. The claim added to the sector's continuing security concerns during a session otherwise dominated by macroeconomic and election-driven trading.
Strategy's Bitcoin holdings exceed its equity valuation
Strategy, formerly MicroStrategy, rose 5.10% to $142.54 after reporting further Bitcoin purchases. The company said it acquired 811 BTC between Oct. 26 and Nov. 1 for $65.5 million, at an average price of $80,846 per coin, bringing total holdings to 849,327 BTC.
At Bitcoin's reported Nov. 4 price of $80,518, those holdings were valued at approximately $68.39 billion. Using 4.2235 billion shares outstanding as of Oct. 25, Strategy's market capitalization was about $60.2 billion at the Nov. 4 close. The company's equity value therefore traded below the stated value of its Bitcoin holdings before accounting for debt and other corporate assets or liabilities.
Strategy reported quarterly revenue of $125.4 million, down from $128.7 million a year earlier, while net income rose to $19.533 billion from $2.785 billion. It listed net long-term debt at $6.715 billion, down from $8.190 billion at the end of 2025. The company also repurchased $208.2 million of STRC preferred shares and raised the STRC dividend rate to 11.5%. Yahoo Finance separately reported the departure of the company's chief financial officer.
Mining stocks show the cost of power and capital constraints
Mining equities remained far more volatile than Bitcoin itself. Hut 8 fell 23.23% to $48.94 after reporting the sale of 3,102 BTC to fund a $250 million share buyback. Riot Platforms rose 9.63% after disclosing a $28 billion lease it described as its largest to date.
The opposing moves illustrate how miners are being valued on corporate financing, power access and capacity agreements rather than solely on Bitcoin's price. Bernstein cut target prices on seven mining companies, while Morgan Stanley identified Texas exposure as a concern for Cipher, Galaxy and MARA, according to the supplied report.
Bitcoin network conditions also remain demanding. The report placed mining difficulty at 148.36 trillion shortly before November, with hash rate near 1,069 exahashes per second in early November. Rising difficulty means miners must deploy more computing power to earn the same expected share of block rewards, increasing pressure on operators with older machines, expensive power contracts or high debt loads.
Global monetary policy adds another constraint. Eurozone inflation reportedly rose to 4%, a three-year high, while market coverage described a December European Central Bank rate increase as nearly certain. The Bank of Japan signaled a possible December hike, and Australia's policy rate stood at an 18-year high. Those conditions keep financing costs elevated for capital-intensive businesses, including miners and data-center developers.
The next test for the rebound will come from U.S. labor data, fresh ETF flow reports and earnings from companies including ConocoPhillips, Airbnb, Cloudflare, EOG Resources and TeraWulf.
Curious how elections reshape digital assets? Explore our outlook in this in-depth analysis of crypto–policy dynamics.
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