Bitcoin Fell on 11 of 14 Nasdaq Down Days as Tech Rout Deepens

Bitcoin fell on 11 of the 14 days the Nasdaq 100 closed lower in the 30 trading sessions through Wednesday, a Black Mint count of Yahoo Finance daily closes shows. Thursday followed the pattern.

By 12:53 p.m. ET the Nasdaq 100 was down 5.6%, per Nasdaq.com and Yahoo Finance quotes, and the S&P 500 was off 3.8%. AP said the S&P 500 was on track for its worst drop since April 2025. Bitcoin was down 5.6% over 24 hours near $75,900, per CoinGecko. Black Mint covered the first leg of the slide earlier Thursday.

The S&P 500 sat about 5% below its Oct. 6 record close, while the Nasdaq Composite was about 11% below its own, past the 10% line Wall Street calls a correction.

What a 0.59 reading means

The score runs from -1 to 1. At 1, two assets move the same direction every day; at 0, one tells you nothing about the other. It measures direction, not size (bitcoin can fall twice as far and still score high), and it says nothing about which market leads.

Over those 30 sessions, bitcoin's daily returns scored 0.59 against the Nasdaq 100 and 0.61 against the S&P 500. Over 90 sessions, both readings were about 0.40. CoinGecko prices give 0.53 for the Nasdaq 100. The 30-day score was 0.13 on Sept. 9 and peaked at 0.69 on Oct. 8.

For scale, an IMF study put the bitcoin-S&P 500 figure at 0.01 for 2017-19 and 0.36 for 2020-21. The IMF tied the jump to investor risk appetite and found spillovers grow in volatile stretches.

Chipmakers led Thursday while bonds rallied

The 10-year Treasury yield fell six basis points to 4.83%, a Bloomberg wrap showed, as chip stocks slid on speculation that the new Democratic Congress will tighten rules on AI. Investors "are de-risking until clarity returns," Michael O'Rourke of JonesTrading said there.

Bitcoin miners that rent power to AI firms fell further. IREN was down 16.5% and Cipher Mining 15.1%, Nasdaq.com quotes showed.

In our opinion: a 0.59 score means bitcoin is trading as part of the tech book right now, tighter than in the 2020-21 stretch the IMF studied. That cuts both ways for holders: it fell with chips Thursday, and it rose with the Nasdaq 100 on Wednesday. The test is the next chip rebound. If bitcoin sits that one out, the link is loosening.