CryptoQuant analyst Axel Adler Jr. said the risk of further crypto deleveraging remains as long as the stock selloff continues. According to PANews, technology stocks recorded their largest single-day decline since the COVID-19 pandemic, with the Nasdaq 100 falling 6.36% to 26,630, the S&P 500 technology sector dropping 7.3%, and the Philadelphia Semiconductor Index declining 12% on November 6.
Democratic winners in governor elections in Texas, Ohio, and Georgia pledged to pause new data center construction, prompting concerns among investors that AI infrastructure expansion could slow. The VIX rose from 16.6 to 28.2 that day, an increase of nearly 70%. Adler Jr. said sharp swings in U.S. stocks could prompt funds to reduce positions to manage risk, intensifying the selloff and putting further pressure on risk assets such as Bitcoin.