Coinbase: Bitcoin Shows Resilience Amid Chip Stock Sell-off

On October 21, Coinbase Institutional published a report indicating that chip stocks have experienced double-digit declines over the past two weeks, marking the second significant drop since June. Bitcoin has demonstrated stronger resilience during these two rounds of adjustments. Coinbase believes that the market no longer views Bitcoin as a leveraged proxy for tech stocks. According to the charts released, from June 22 to July 29, Bitcoin remained relatively flat while the Nasdaq 100 index fell by about 10%, and the semiconductor index (SOX) dropped by approximately 29%. Micron, the Korean KOSPI index, and SK Hynix saw declines of about 39%, 38%, and 52%, respectively. Since October 2, Bitcoin has decreased by about 3%, the Nasdaq 100 index has fallen by about 4%, SOX has dropped by about 14%, and Micron, KOSPI index, and SK Hynix have seen declines of about 16%, 21%, and 31%, respectively.

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