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It was a rough Thursday, with major indices sliding across the board. The tech-heavy S&P 500 fell -2.4%, the Nasdaq dropped -3.8%, and even Gold edged lower by -0.60%. $BTC took the biggest hit, falling -5.2% and briefly touching the $80,000 level earlier today.
The selloff came despite a strong earnings report from Nvidia, which makes the market reaction harder to pinpoint. The United States unemployment rate for September ticked up to 4.4% even as job growth beat expectations. At the same time, the odds of a December rate cut have fallen sharply from 45.4% last week to 28% now, and that shift in macro expectations is likely contributing to the recent weakness.
Across crypto sectors, everything finished in the red. Two areas held up relatively well: Gaming at -2.8% and the Revenue sector at -3.2%.
On the other side, Crypto Equities and Miners were the hardest hit, falling -10.3% and -13.2%, respectively. The monthly picture is even more painful, with HOOD at -17.6%, COIN at -27%, and GLXY at -38%. Miners remain weighed down by skepticism around the AI trade and whether the pivot to AI data centers will deliver returns.
One bright spot remains Solana ETF flows. While $BTC and ETH ETFs have seen consistent outflows since Oct. 28, $SOL ETFs just logged their 14th-straight day of inflows following the launch of BSOL. Roughly $500 million worth of $SOL is now held across these ETFs, with more issuers having entered the staked $SOL ETF race.