Bitget UEX Daily | Bitcoin breaks below $77,000; Nasdaq plunges 5.52%; Non-farm payrolls test rate expectations

I. Curated Hot News

Tech & Policy | Selling Intensifies Along AI Supply Chain, Markets Reassess Construction Expectations

US stocks plummeted on November 5, with the Nasdaq Composite falling 5.52%. Nvidia dropped 9.26%, AMD fell 17.26%, and Micron declined 17.46%, while data center accessory companies faced simultaneous pressure.

Markets are increasingly concerned about post-election regulations and the pace of AI infrastructure construction. However, declining stock prices do not equate to cancelled orders. Moving forward, it is crucial to differentiate between valuation compression, shifts in financing conditions, and actual downward revisions in customer capital expenditures to assess whether the shock will impact earnings.

UK Monetary Policy | Central Bank Hikes Rates by 25 Bps to 4%, Energy Inflation Remains a Constraint

The Bank of England raised its policy rate by 25 basis points to 4%, with a vote tally of 8-1, while another governor supported a 50 basis point hike. The central bank noted that UK inflation was 3.5% in September and is projected to rise to approximately 5% by mid-next year.

Recent sharp fluctuations in oil prices are insufficient to fully offset the lagged impact of earlier energy cost increases. For global markets, this serves as a reminder to investors: there is no inherent link between declines in risk assets and an immediate pivot to easing by central banks.

US Employment | Initial Claims Fall to 189K, Tonight's Non-Farm Payrolls Serve as Key Test

For the week ending October 31, US initial jobless claims stood at 189,000, down by 6,000 from the prior week's revised figure. For the week ending October 24, continuing claims rose to 1,718,000.

Lows in initial claims indicate layoffs have not yet spread significantly, while rising continuing claims warrant attention regarding re-employment speeds after job loss. Tonight's non-farm payrolls, unemployment rate, and wage data will collectively determine how the market balances employment resilience, inflation, and interest rate trajectories.

II. Market Review

Commodities and Foreign Exchange Performance

Crude oil rebounding alongside a decline in US Treasury yields indicates that markets are not trading along a simplistic "strong or weak growth" logic. A resurgence in oil prices will influence inflation expectations, while the selloff in tech stocks heightens sensitivity to financing, earnings, and valuations. For gold, subsequent performance will depend on whether real interest rates and safe-haven demand can align.

Cryptocurrency Performance

BTC traded at 76,152.06 USDT, down 5.47% over 24 hours; ETH was priced at 2,241.20 USDT, down 7.53% over 24 hours. The total cryptocurrency market capitalization stands at approximately $2.57 trillion, with a 24-hour decline of 7.84%. The independent update time for total market cap is 07:59 Beijing Time.

BTC/ETH Liquidation Zones: Insufficient verifiable latest data is available today regarding major potential liquidation zones above and below both assets, so specific ranges, distances, or near-side liquidation assessments are temporarily omitted.

Institutional Position Cost | BTC: Strategy's latest disclosure on November 2 indicated an overall average position cost of $75,451, holding 849,327 BTC. The current price is approximately 0.83% above this cost, implying a reference unrealized profit. Glassnode published an estimate on October 28 for the overall cost of US spot BTC ETFs at approximately $81,500, meaning the current price is roughly 6.66% lower, indicating a reference unrealized loss; this estimate retains its original disclosure date and should not be treated as a real-time cost for today.

Snapshot in One Sentence: BTC is approaching Strategy's overall position cost benchmark; key focus lies on whether sustained buying support emerges around $75,451 and if rallies can reclaim $77,000. ETH has fallen further, with short-term risk appetite remaining weak; dollar and interest rate reactions following tonight's non-farm payrolls warrant synchronized observation. Institutional costs are not guaranteed support levels nor indicative of new buying pressure.

Major US Stock Index Performance

The broad rally of the previous trading session quickly turned into a comprehensive pullback, with the Nasdaq suffering the largest decline. Weakening performance across tech-heavy, cyclical stocks, and crypto-related equities simultaneously indicates that risk contraction has transcended individual stocks, suggesting that strong earnings from a single company are unlikely to fully offset overall market valuation pressures.

Magnificent Seven Tech Stocks Performance

All seven magnates posted declines, with Tesla and Nvidia leading the drop, while Apple showed relative resilience. Previous divergence between platform and hardware stocks failed to halt the broader decline in risk appetite; going forward, it remains crucial to monitor whether selling pressure eases and if earnings expectations stabilize.

Sector Movement Observations

Semiconductors & Data Centers: AMD dropped 17.26%, Micron fell 17.46%, Vertiv declined 14.02%, and GE Vernova sank 7.48%. Market concerns are heavily focused on the AI construction and capital expenditure chain. The next step should involve verifying customer orders, project progress, and financing arrangements, rather than merely assuming industry demand has hit zero based on price declines alone.

Crypto-Linked Equities: Coinbase fell 9.69%, Strategy declined 9.29%, and Robinhood dropped 10.32%. Concurrent weakness in token prices and equity valuation pressures mean that fluctuations driven by corporate operations, financing, and token exposures must be assessed individually.

Application Software Outperformance: AppLovin surged 31.04%, demonstrating that realized revenue, profits, and cash flows can still drive individual stock differentiation during broad market downturns. This performance cannot be directly generalized to indicate that the entire software sector has strengthened.

III. In-Depth Analysis of Key US Stocks

AppLovin APP | Realized Revenue and Cash Flow Drive Stock Price Rally Against the Trend

Event Overview: The company reported Q3 revenue of $2.185 billion, up 55% year-over-year, disclosed after market close on November 4; net profit reached $1.439 billion, up 72% YoY, with free cash flow of approximately $1.4 billion. On November 5, shares closed at $356.10, surging 31.04%.

Market Interpretation: Compared to hardware narratives reliant on future construction scales, the ad platform's already generated revenue and cash flow provide more direct evidence of performance, though sustained high growth requires validation from subsequent quarters.

Investment Insights: Focus should be placed on tracking advertising ROI, customer expansion, and cash flow sustainability. Q4 revenue guidance stands at $2.365 billion to $2.395 billion; a single-day surge should not be conflated with the disappearance of valuation risks.

Airbnb ABNB | Accelerating Revenue Growth, New Share Buyback Authorization of $12 Billion

Event Overview: Airbnb reported Q3 revenue of approximately $4.9 billion, up 19% year-over-year, disclosed after market close on November 5; total booking volume reached $27.7 billion, up 21% YoY, with net profit of roughly $1.9 billion. The company authorized up to $12 billion in share repurchases. The regular close price was $170.13, down 3.54%, preceding the earnings release.

Market Interpretation: Synchronized growth in booking volume and revenue provides evidence of travel demand, while the buyback authorization reflects capital allocation intentions, though this does not equalize executed repurchases.

Investment Insights: Monitor the balance between booking growth, average daily rate (ADR), and investments in new business areas, distinguishing between genuine demand growth, price contributions, and margin changes.

Qualcomm QCOM | Mobile Business Concerns Concentrated Post-Earnings

Event Overview: Qualcomm closed at $156.75 on November 5, down 9.49%. Previously disclosed after-market results for Q4 FY2026 showed GAAP revenue of $10.322 billion, down 8% year-over-year, and non-GAAP EPS of $2.17, down 28% YoY.

Market Interpretation: Pressure on the mobile business combined with a broad pullback in the AI hardware sector means markets require clearer realization of non-mobile revenue before assessing the compensatory impact of business transformation on profitability.

Investment Insights: Track smartphone customer demand, ramp-up in automotive business, and data center projects. The FY2027 data center revenue target remains guidance and should not be prematurely counted as realized income.

IV. Market and Project Dynamics

Hadron Partners with RedStone to Enhance Pricing and Settlement Capabilities for Tokenized Assets. Tether announced the partnership on November 5, providing price feeds, NAV data, and T+0 liquidity arrangements for qualified assets issued by Hadron. Actual outcomes depend on asset eligibility, liquidity providers, and redemption mechanisms; this should not be interpreted as implying all tokenized assets can exit seamlessly at any time.

Tokenized Gold Disclosure Update: Note Reserve vs. Sales Accounting. Tether Gold disclosed on November 4 that as of September 30, XAU₮ holds approximately 25.7 metric tons of corresponding gold reserves, with a total reserve market value of roughly $3.44 billion, which includes gold backing sold and available-for-sale tokens. This figure represents quarter-end reserve scale and does not indicate new inflows for today.

V. Today's Market Calendar

Key Event Outlook: Focus will be on whether non-farm payrolls, the unemployment rate, and wages mutually corroborate each other. Stronger-than-expected employment and wage data may sustain interest rate pressure; if they weaken noticeably, markets will need to assess whether lowered rate expectations can offset earnings concerns. Consumer inflation expectations will supplement observations on how recent energy volatility influences household sentiment.

Institutional Views: Senior Analyst Ipek Ozkardeskaya at Swissquote Bank noted in a November 5 market commentary that aggressive AI construction post-election may face increased scrutiny. This perspective helps explain partial risk repricing, but actual impacts will ultimately require verification through policy actions, regulatory approvals, and corporate spending plans.

This document is intended solely for market information exchange and does not constitute investment advice.