U.S. technology stocks and crypto-linked assets closed a punishing week under pressure from rising Treasury yields, a stronger dollar and renewed concern that rate cuts may remain distant. The Nasdaq Composite recovered 1.09% on Friday to 24,579.42 after Thursday's selloff, but the bounce did little to reverse a 3.37% weekly decline, its fourth consecutive losing week.
The sharpest move came on Nov. 5, when the Nasdaq fell 5.52%, or 1,421.51 points, erasing roughly $2.5 trillion in market value in a single session. Semiconductor shares absorbed an even heavier blow. The Philadelphia Semiconductor Index dropped 12.24% that day before recovering 4.21% on Nov. 6; it nevertheless ended the week down 12.15%.
The moves placed high-growth equities, crypto treasury companies and mining stocks in the same risk-sensitive trade. Firms whose valuations rely heavily on future earnings, leverage or digital-asset holdings became especially exposed as yields rose.
Jobs data lifts expectations for tighter policy
October payrolls increased by 165,000 and the unemployment rate stood at 4.1%, according to the figures provided. The labor-market report added to expectations that the Federal Reserve could keep policy restrictive, with market pricing for a December rate increase rising to 80%.
The 10-year U.S. Treasury yield climbed to 4.86%, while the U.S. dollar index reached 102.28. Higher government-bond yields can raise the discount rate applied to future corporate earnings, a particular challenge for technology companies priced on long-term growth assumptions. A stronger dollar can also tighten global financial conditions, especially for assets widely traded against the U.S. currency.
Commodity markets reflected the same repricing. Brent crude fell 16.90% from $117.64 on Oct. 30 to $97.76, while West Texas Intermediate declined 13.23% to $90.34. Gold moved in the opposite direction, gaining 4.63% to $4,079.50 as traders sought exposure to an asset often used as a hedge during market stress.
The coming U.S. consumer price index report on Nov. 10 is likely to determine whether the week's surge in rate expectations persists. CoreWeave, Cisco and Applied Materials are also scheduled to report earnings, putting further attention on demand for AI infrastructure and semiconductor equipment following the sector's abrupt correction.
Bitcoin drops as ETF outflows accelerate
Bitcoin briefly touched an 11-week low during the broader selloff, while more than $1 billion in crypto positions were liquidated across the market, according to the supplied market data. Bitcoin later traded at $75,820, down about 0.4% on the day cited.
U.S. spot Bitcoin ETFs recorded net outflows of $430.2 million on Nov. 5, while total outflows from crypto ETFs exceeded $530 million. The withdrawals coincided with the steepest day of equity-market losses, suggesting that regulated crypto products were being used alongside technology equities as part of a wider reduction in risk exposure.
That linkage has become more pronounced as public companies hold large amounts of Bitcoin or Ether on their balance sheets. Their shares can react not only to operating results but also to shifts in the underlying token price, capital-market conditions and their ability to issue stock or preferred shares.
Strategy trades below its Bitcoin holdings value
Strategy reported holding 849,327 BTC and said it bought 811 BTC between Oct. 26 and Nov. 1 for $65.50 million, at an average price of $80,846 per Bitcoin. At a Bitcoin price of $75,820, those holdings were worth about $64.4 billion using the figures supplied.
With Strategy's market capitalization listed at $54.45 billion, the company traded at roughly 0.846 times the stated value of its Bitcoin holdings. That discount shows how quickly the market's treatment of Bitcoin treasury companies can change when the token price falls and financing conditions tighten.
For the third quarter, Strategy reported operating profit of $21.0 billion and diluted earnings per share of $44.75, largely driven by fair-value changes in its Bitcoin holdings. It also repurchased $208 million of STRC preferred stock and sold $164 million of common shares through its at-the-market program during the quarter.
Other balance-sheet-focused companies reported similar sensitivity. Strive posted a $509 million third-quarter profit tied to gains on its Bitcoin holdings and added 124 BTC on Nov. 2. Bitmine reported Ether exposure equal to 4.9% of ETH's total supply, leaving its valuation closely tied to swings in Ether's market price.
Twenty One Capital is scheduled to report results on Nov. 13 and lists a Bitcoin treasury valued at $3.9 billion.
Miners rally despite weakening core revenues
Listed Bitcoin miners gained roughly 8% to 20% on the day cited despite Bitcoin's decline, separating their equity performance from the underlying asset in the short term. The gains came as several mining companies increasingly emphasize data-center capacity, AI computing and power infrastructure rather than Bitcoin production alone.
The reported revenue figures show why that shift has become central to their valuations. TeraWulf said Bitcoin mining revenue fell 69% year over year. IREN reported a 58% decline in mining revenue and said it plans to fully leave Bitcoin mining by the end of the year.
Those results leave mining shares dependent on whether companies can convert power contracts, land and data-center infrastructure into higher-margin computing operations. The strategy may provide an alternative source of revenue, but it also ties the sector more closely to the same AI spending cycle that drove, and then abruptly destabilized, semiconductor valuations this week.
AMD offered a contrasting earnings result, with its shares rising 11.04% after the company reported earnings per share of $2.09 and record revenue. The company said data-center sales nearly doubled, reinforcing demand for AI hardware even as the broader chip sector suffered its largest weekly decline in months.
Tesla gained 4.23% to $358.22 after Elon Musk said Cybertruck production would be phased out and Texas manufacturing capacity would shift toward the Cybercab robotaxi program.
Sanctions and AI policy add to market uncertainty
Regulatory developments added another layer of risk for the digital-asset sector. The U.S. Treasury's Office of Foreign Assets Control took action against MEXC over transactions linked to Iran, North Korea and Russia totaling $16 billion, according to the supplied information. Treasury also withdrew a proposed travel-rule reporting measure and imposed additional sanctions on 45 targets connected to the Prince Group crypto fraud network.
In Washington, Democratic midterm victories, including a Senate flip, placed AI policy and chip-export rules under closer scrutiny. Nvidia's AI chip exports were identified as a potential focus area, a development that could influence revenue expectations for the U.S. semiconductor supply chain.
The week left crypto and technology markets facing the same immediate test: whether inflation data and bond yields stabilize enough to ease the pressure on highly valued growth assets. With Bitcoin ETF flows turning negative and semiconductor stocks nursing double-digit weekly losses, the CPI release will arrive after a sharp reset in risk appetite rather than a routine macro trading session.
For more on navigating volatile markets amid rate worries, explore our guide on interest rates and bitcoin impacts.
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