Nasdaq 100 loses nearly $5 trillion as tech stocks enter bear market

Multiple large-cap and mid-cap tech names have entered bear market territory with declines of 20% or more. The Nasdaq 100 has lost nearly $5 trillion in market value since October 6. Source: @TheKobeissiLetter.

Tech drawdowns:
- AppLovin, APP: -68%
- Coinbase, COIN: -62%
- CoreWeave, CRWV: -60%
- Arm Holdings, ARM: -55%
- Western Digital, WDC: -54%
- Intel, INTC: -54%
- Oracle, ORCL: -51%
- SanDisk, SNDK: -49%
- Circle, CRCL: -48%
- ServiceNow, NOW: -44%
- Robinhood, HOOD: -44%
- Seagate, STX: -42%
- Marvell Technology, MRVL: -39%
- Super Micro Computer, SMCI: -39%
- Broadcom, AVGO: -34%
- Alphabet, GOOGL: -31%
- Adobe, ADBE: -29%
- Micron, MU: -29%
- IBM, IBM: -23%
- Meta, META: -21%
- Amazon, AMZN: -21%

Implications for crypto and DeFi:
- Risk-off conditions in equities often correlate with lower crypto prices due to shared risk appetite and liquidity.
- Crypto-exposed equities Coinbase and Robinhood show large declines, signaling pressure on trading activity and fee revenue that can coincide with weaker spot volumes in digital assets.
- A $5 trillion drawdown in the Nasdaq 100 reduces overall market liquidity and the wealth effect, which can amplify volatility across Bitcoin, Ethereum, and altcoins.