Apart from the United States

AI is the sole engine driving U.S. Treasury yields.

After the U.S. midterm elections, Wall Street’s optimism about AI has sharply declined. The "Seven Sisters" of the U.S. stock market evaporated over $1 trillion in market value in a single day, with Nvidia plummeting by 9.26%. The four major cloud giants have seen their cash flow from operations in the third quarter unable to cover capital expenditures, resulting in a funding gap of $26.4 billion, and anxiety over the return on investment in AI infrastructure has spread widely.

The tokenization of stocks is becoming a common focus for both traditional finance and the crypto market, but the technology that can move stocks onto the blockchain does not mean that issuing companies are willing to allow third parties to repackage and trade their shares. The OKXICE platform, promoted by OKX and the Intercontinental Exchange (ICE), is facing concentrated opposition from listed companies such as Apple, Boeing, Microsoft, and Nvidia. The core of this controversy is not simply "traditional companies rejecting blockchain," but rather a re-negotiation of stock issuance rights, shareholder interests, control over trading venues, and on-chain liquidity.

Around November 7, 2026, the U.S. Treasury Department issued a new sanctions announcement targeting the border area: Eight currency service companies located in Canada were accused of providing financial services to sanctioned Iranian entities, exchanging Iranian rials and other currencies for cryptocurrency, and facilitating transactions with sanctioned Iranian cryptocurrency exchanges and digital assets associated with the Iranian Islamic Revolutionary Guard Corps (IRGC).

After the U.S. midterm elections, Wall Street's optimism regarding AI took a sharp downturn. The "Magnificent Seven" of U.S. stocks lost over $1 trillion in market value in a single day, with Nvidia plunging by 9.26%. The four major cloud giants' operating cash flow in the third quarter was unable to cover capital expenditures, resulting in a funding gap of $26.4 billion, and anxiety over the return on investment in AI infrastructure has spread widely.

2026-11-06 · Overseas Market Strategy · Event Commentary Core Viewpoint This drastic drop was mainly triggered by deleveraging leading to concentrated selling. QQQ fell 6.49% in a single day, closing at 647.05, with a trading volume approximately 3.03 times the average volume of the previous 20 days. Historically, such sharp declines are followed by rebounds, and whether it can recover half of the drop within 60 trading days will be the dividing line between a one-time shock and the starting point of a bear market. In the short term, the focus will be on oscillatory recovery, while the long-term depends on 2027 earnings. In the next one to two months, around mid-December, the FOMC and Texas ERCOT audit results will be released.

On the eve of the historic market value evaporation of U.S. tech stocks, core executives from nine AI unicorns, including Nvidia, Broadcom, AMD, and CoreWeave, have preemptively cashed out $7.4 billion through 282 Form 4 filings.

First, look at two numbers. On November 3rd, there were 44 local referendums to "pause data center construction," 43 passed. The approval rate was 97.7%. On November 5th, the Nasdaq fell 5.5%, the Philadelphia semiconductor index plummeted 12%, and the Nasdaq 100 lost over 2.3 trillion dollars in a single day. Nvidia fell 9.3%, AMD fell 17.3%, and Nebius fell 15%. There were two days in between. Many people thought it was a coincidence, but it was not—these two events are two sides of the same coin. A misread election resulted in the Democrats taking both the House and Senate while winning in places like Texas and Georgia.

The US stock market rebounds strongly, is there a short-term opportunity for Bitcoin to surge?

The U.S. stock market experienced a dramatic shake-up over two days: on November 5, it faced the strongest single-day sell-off in nearly 19 months, and on the 6th, chip stocks led a rebound, with the Nasdaq rising by 1.1%. Nomura estimated that leveraged ETFs sold off approximately $47 billion, while hedge funds had already reduced leverage in October. Funds shifted their focus to U.S. Treasuries and the dollar, with short-term selling pressure being released, but medium to long-term contradictions remain unresolved.

On November 6, Eastern Time, the total net outflow of the US spot Bitcoin ETF was approximately 412 million dollars. According to Farside and SoSoValue data, this level of daily capital outflow of 400 million dollars is considered a significant fluctuation in historical statistics, but the funds did not withdraw evenly: BlackRock's IBIT had a net outflow of about 403 million dollars that day.

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