sell-off

According to on-chain analyst Ai Yi's monitoring, the address 0xf5C...7a191 deposited 18.91 million ENA (27 million USD) to Binance two hours ago, suspected of selling off.This address received this portion of tokens from the Ethena Proxy contract between February and November 2026, when the price was 0.1772 USD, and has now fallen to 0.1432 USD (a decrease of over 19%). The address seems to transfer ENA to exchanges periodically, possibly related to team, institutional, or relevant party unlocks.

Due to the sell-off of U.S. Treasuries, Japanese government bond yields have risen sharply. The 5-year Japanese government bond yield increased by 9.5 basis points to 2.195%, the 10-year yield rose by 10.5 basis points to 2.795%, and the 2-year yield increased by 8.5 basis points to 1.86%.Previously, Federal Reserve officials warned that more aggressive rate hikes may be needed to curb inflation.

Morgan Stanley believes that the market is concerned that the results of the U.S. elections may slow down data center construction, leading to a sell-off of AI-related stocks, which seems excessive. The firm stated that AI spending is likely to continue to expand and noted that the previously expected planning capacity of approximately 5 gigawatts for U.S. data centers in 2028 may be postponed to 2029, rather than being canceled.Morgan Stanley stated that this keeps the spending plans of hyperscale cloud service providers largely unchanged. Analysts said that this delay could extend the AI investment cycle by alleviating supply constraints and supporting pricing; they remain optimistic about major AI beneficiaries including Amazon, Microsoft, Meta, and Google, while also finding opportunities among semiconductor, infrastructure, and software companies.

According to Bloomberg, Wall Street's reaction to the U.S. midterm elections shifted from positive to negative in about 24 hours. The sell-off on Thursday spread from retail investors to hedge funds, long-only asset management firms, and quantitative strategies, causing a loss of approximately $3.7 trillion in market value for U.S. stocks in a single day, with the Nasdaq 100 index recording its largest drop since March 2020. Initially, the stock market rose after the elections due to the reduction of event risk and a decline in oil prices, but investors later reassessed the risks of Democratic scrutiny on data center expansion.In the first half hour after the market opened on Thursday, retail investors were the first to sell for profit, followed by hedge funds and long-only firms. Data from Vanda Research shows that the net selling scale of retail investors on that day was second only to two days during the pandemic shock in March 2020. Its strategist Viraj Patel pointed out that while retail and systematic investors were actively selling, institutional buyers chose to step back. The decline subsequently triggered mechanical selling, with Nomura strategist Charlie McElligott estimating that based on the negative gamma exposure during Thursday's trading, for every 1% drop in the market, options market makers would generate an additional selling pressure of about $7 billion.Volatility control funds estimated that they needed to reduce their holdings by about $61 billion in stocks based on market changes at the time, with about $25 billion in sales still being executed on Wednesday. The rebalancing of leveraged ETFs is expected to bring about an additional $47 billion in stock sales. Vanda estimated that commodity trading advisors sold about $13 billion in S&P 500 and Nasdaq futures. Goldman Sachs' prime brokerage trading desk estimated that fundamental long-short funds lost about 1.3% on Thursday, while technology-themed funds fell over 4%. The basket of stocks in storage, optical networks, data centers, and AI semiconductors dropped by 12% to 15% that day, and the VIX index rose from 16.6 points at the opening to nearly 28 points at the close.

Before the release of the October employment report in the United States, bond traders bet that the U.S. Treasury market would rise, with the 10-year Treasury yield falling to its lowest level since early September at 4.82% on Thursday. Options market trades are betting that yields could drop to 4.7% or 4.35%.The chief strategist at TD Securities stated that the U.S. economy remains strong, and the market has significantly reduced expectations for interest rate hikes.

As the global tech stock sell-off spreads to Asia, the wealth of SoftBank Group founder Masayoshi Son and several Asian business tycoons has significantly shrunk. According to calculations, as of 10 AM Beijing time, the combined wealth of 22 billionaires from countries such as China, Japan, and South Korea, who are among the world's 500 richest people, had decreased by more than $21 billion at one point, and later fell to over $18 billion.Masayoshi Son is the one who suffered the largest loss, with his personal wealth decreasing by $3.9 billion, bringing it down to about $29 billion. The companies at the core of the AI boom were hit the hardest. Billionaires whose personal wealth shrank by at least $1 billion include Takizaki Takemitsu, founder of electronic sensor manufacturer Keyence, and Zhang Qiansheng, the richest person in Singapore and head of semiconductor packaging and testing company ASE Technology Holding. Lee Jae-Yong, a shareholder of Samsung Electronics, along with his mother and sister, saw their family's wealth decrease by about $2.5 billion; this family is one of the richest in Asia.

As the artificial intelligence stock sell-off further intensifies and spreads to the credit market, SoftBank Group led the decline in Asian dollar bonds on Friday. Data shows that SoftBank's dollar bonds maturing in 2032 fell by 0.9 cents on Friday, marking the largest single-day drop in 10 weeks, making SoftBank bonds one of the worst-performing bonds in Asia, with its stock price once dropping by 16%. Previously, the credit default swap prices related to some U.S. companies impacted by the AI sell-off surged significantly, with traders indicating that the yield premium on Asian dollar bonds widened by at least 3 basis points.The decline on Friday continued the repricing that has already begun in the global credit market. The AI boom has driven companies to heavily borrow, thereby pushing up financing yields, and this sell-off has also added new pressure to the global economy. On Thursday, the average spread of Asian investment-grade dollar bonds rose to 73 basis points, the highest level since July 2025, although the extent of the sell-off in the credit market remains lower than that in the stock market.

After the Democratic Party won the midterm elections, U.S. stocks surged significantly on Wednesday, but as investors continued to pull out of tech stocks for the second consecutive trading day, the Nasdaq Composite Index plummeted on Thursday. The tech-heavy Nasdaq fell by 3.3%, and the S&P 500 Index dropped by 1.9%. The Dow Jones Industrial Average decreased by 489 points, a decline of 0.9%. Although stocks like Chevron and Johnson & Johnson rose, it was not enough to offset the drag on the Dow from the tech stock sell-off. AI-related stocks, especially those in the chip industry and data centers, fell for the second day in a row.According to Gate market data, AMD (AMD.O) fell by 12%, Micron Technology (MU.O) dropped by 9%, SK Hynix (SKHY.O) decreased by 8.8%, and Nvidia (NVDA.O) fell by 5%. The Philadelphia Semiconductor Index plummeted by 8%, reaching a new low since April 20. The Nasdaq Composite Index has dropped more than 10% from its closing record high set on October 6.Investors are concerned that the Democratic Party controlling both houses of Congress and winning key gubernatorial elections may lead to more regulation of AI infrastructure development across the United States.Jordan Watson, portfolio manager at Tandem Investment Advisors, stated that the stock market surge and the trend of funds pulling out of AI stocks may only be a temporary phenomenon. However, as investors digest the election results and their potential policy impacts, the market may face more volatility.

According to the Financial Times, the China Securities Regulatory Commission recently held meetings with investment banks and issued verbal guidance to banks and investment banks, requesting a pause on initial public offerings (IPOs). In addition, large-scale stock reductions by existing shareholders have also been temporarily halted until the market stabilizes.Previously, Chinese regulatory authorities had implemented measures to restrict reductions and encourage stock buybacks. On Monday, the China Securities Regulatory Commission, the People's Bank of China, and the National Financial Supervision and Administration held meetings with securities companies and fund companies to discuss measures to stabilize the stock market, including lowering the stock buyback re-lending rate from 1.25% to 1% and expanding swap convenience operations.Reports indicate that the IPO financing scale in China has exceeded 292 billion yuan this year, the highest since 2023. If IPOs and large-scale reductions are paused, it may impact financing activities in China's equity market. The relevant measures are currently mainly based on informal window guidance disclosed by informed sources, and regulatory authorities have not officially confirmed them.

On-chain analyst Ai Yi stated that a certain whale redeemed assets from Compound during a drop this morning, and then sold 1,470 ETH (worth 3.31 million USD), 63.46 WBTC, and cbBTC (worth 4.868 million USD) on-chain. This address had not operated for 22 days prior.

Co-founder of Fundstrat and Chairman of Bitmine, Tom Lee, stated on CNBC's "Squawk Box" that he believes the sell-off in AI stocks has bottomed out, reasoning that the demand in the AI market remains tight and supply is limited, not due to overcapacity. He admitted that determining the bottom is very difficult, saying, "At the bottom, you don't know how much more downside there is, so the bottom is dangerous." He further pointed out that spending constraints, including political resistance, are slowing down industry growth, but this does not mean the AI boom has peaked.This judgment is particularly critical for companies related to AI infrastructure. Taking the data center business as an example, the supply shortage may cause customers to queue and also limit suppliers' ability to convert orders into revenue. Intel's stock plummeted nearly 30% to $65.76 last Friday due to its fourth-quarter earnings guidance falling short of expectations; despite revenue from data center and AI business growing 78% year-on-year to $7.3 billion, manufacturing capacity constraints still prevent it from meeting demand. The company expects quarterly revenue to be between $15 billion and $16 billion, with the median about $1.6 billion lower than analysts' expectations, and the weak PC business further increases pressure.Lee's second argument comes from the cryptocurrency market. He noted that the cryptocurrency market's reaction to the Binance security incident was relatively limited, with the exchange initially estimating the affected scale at about $6.3 billion. He believes that if cryptocurrency is a leading indicator of risk assets, then the sellers have basically cleared out. Last Friday, Bitcoin fell about 4% to around $76,400, with over $1.3 billion in leveraged positions being liquidated, and the U.S. spot Bitcoin ETF saw a net outflow of $643.2 million that day, marking the largest single-day outflow in October. Binance stated that it has frozen about $3 billion in affected assets and promised to cover the losses with emergency reserves and company funds.

Due to the sell-off of technology stocks triggering a demand for safe-haven assets, U.S. Treasury yields accelerated their rise during the Asian trading session on Friday, with yields on all maturities falling by at least 3 basis points. Bonds from Australia, Japan, and New Zealand followed suit, with the 10-year government bond yield dropping by more than 5 basis points.In October, the benchmark 10-year U.S. Treasury yield has fallen by nearly 40 basis points.

Axis Robotics issued a statement regarding the massive sell-off of AXIS tokens from October 28 to 29, stating that no team or investor tokens were sold. The team, investors, and other locked allocations total 835 million AXIS, accounting for 83.5% of the total supply, and remain in a custody contract co-managed with Binance, with no tokens transferred out, and they will not be unlocked before the end of the 12-month lock-up period.The project party stated that the tokens sold this time came from a portion of the ecological allocation in the initial circulating supply, which was originally delivered through a single over-the-counter (OTC) trading counterparty, and the relevant written agreement includes lock-up terms. The project party believes that the trading model indicates that this counterparty may sell the tokens on the open market, which, if true, would violate the agreement. They have currently suspended further transactions with this counterparty and are reviewing the agreement with legal counsel to seek remedies; the remaining ecological tokens will only be distributed through on-chain custody mechanisms in the future.ChainCatcher previously reported that, according to on-chain detective ZachXBT, insiders from Axis Robotics (AXIS) obtained over 76 million AXIS tokens (worth over 12 million USD) from a multi-signature wallet, which were then sold off through a DEX, with some tokens transferred to Bitget exchange. As a result, the AXIS price plummeted by 40% in the past 24 hours.One insider sold 42 million AXIS tokens and currently holds over 5.04 million USDC across their 8 wallet addresses.

According to on-chain detective ZachXBT, insiders at Axis Robotics (AXIS) obtained over 76 million AXIS tokens (worth over 12 million USD) from a multi-signature wallet, then sold them off via DEX and transferred some tokens to Bitget exchange. As a result, the AXIS price plummeted by 40% in the past 24 hours.One of the insiders sold 42 million AXIS tokens and currently holds over 5.04 million USDC across their 8 wallet addresses.

According to market news monitoring, the address 0x7eE...76066 has allegedly sold off approximately $12.41 million worth of ETH holdings in the past half month. This address has withdrawn a total of 5,160 ETH, with an average cost of about $2,433.About 1 hour ago, this address transferred 2,252 ETH to OKX, valued at approximately $5.29 million. If all are sold, a loss of about $148,000 is expected.