Bitcoin fell 1.3% while Nasdaq-100 lost 5.5% in last week’s tech selloff

Bitcoin lost less than the Nasdaq-100 in last week's tech selloff. Hedge funds cut technology positions at the fastest pace since at least 2016 over the five trading sessions through Oct. 15, according to a report citing Goldman Sachs prime brokerage data. The Nasdaq-100 fell 5.49% from its Oct. 9 close of 30,883.15 to 29,187.55 on Oct. 16. Bitcoin fell about 1.27% over the same dates on UTC daily closes, from $82,546.32 to $81,500.80. Goldman's note shows global equities net sold at a pace two standard deviations beyond the prior year's flow distribution. Semiconductors took the largest dollar selling, and technology posted its largest reduction in gross positions in two months.

First reported by CryptoSlate. This page is a short excerpt; the full text is theirs.