Bitcoin sold off in tandem with Nasdaq 100 futures late Thursday, as a rout in semiconductor stocks triggered by doubts about artificial intelligence valuations spilled into crypto markets. The BTC price dropped roughly in line with the 2% decline in the tech-heavy futures index, underscoring a correlation that has persisted through most of this year.
Why the sell-off hit crypto
The trigger was a sharp downturn in chip stocks, which have been the backbone of the AI rally. Investors began questioning whether the massive capital spending on AI infrastructure is justified by current revenue growth. That doubt spread quickly, and because crypto markets trade 24/7, Bitcoin was one of the first risk assets to react.
The correlation between Bitcoin and the Nasdaq is nothing new. Over the past 18 months, the 30-day rolling correlation coefficient has hovered near 0.5 or higher, meaning the two asset classes often move in the same direction. When the Nasdaq futures flash red, crypto tends to follow.
A familiar pattern, but a bad moment
For Bitcoin bulls, the timing isn't great. The crypto market had been trying to build momentum after a quiet summer, with volatility compressing and open interest slowly climbing. A sudden macro shock from the equity side can derail that recovery quickly.
Semiconductor stocks are a bellwether for the broader tech sector. If the AI valuation doubts persist, the sell-off could deepen, dragging Bitcoin and other digital assets lower. Analysts on trading desks tend to watch the VanEck Semiconductor ETF (SMH) as a proxy; when it drops, crypto risk appetite often shrinks.
What happens next
The key question is whether the sell-off is a one-day blip or the start of a broader revaluation of AI stocks. The US cash equities open later today will set the tone. If the Nasdaq opens lower — and stays there — Bitcoin could test the $55,000 support level that has held since June.
Traders will also be watching for any change in the correlation. If Bitcoin diverges from the Nasdaq and holds its ground, that would signal growing maturity. But this morning, it's moving in lockstep.
