Why Bitcoin has been moving with US tech stocks
Bitcoin is often called "digital gold," but lately it has moved more like a technology stock. A Bitfinex report from 9 November 2026 put the 30-day correlation between Bitcoin and the Nasdaq 100 at 0.72, according to 24/7 Wall St. Correlation runs from -1 to +1, and a number near +1 means two assets tend to move in the same direction.
Why this may be happening:
- Investors who hold both Bitcoin and AI-linked shares may sell both when they need cash or want to cut risk.
- CoinShares reported on 10 November that about one-third of Bitcoin miners' revenue now comes from AI hosting. Uncertainty in the AI business could hurt that income, and miners may sell more Bitcoin.
- Stablecoin supply has been shrinking, which means less money is available on exchanges to buy.
The same report named ETF outflows and a month-long downtrend as other reasons for the fall.
What it means: when tech shares fall sharply, crypto may fall too. A correlation can change quickly, so it is not a guarantee.
Crypto prices can change fast. This article is for information and is not investment advice.