Breathing space
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 6th November 2026.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
AI Stock Rout Seems To Abate
Thursday’s scary Nasdaq slide — into correction territory — has let up for now. As of Friday morning, Nasdaq-100 futures gained 1.6%. Nvidia shares, down 9% yesterday amidst concerns about a slowdown in data center construction, popped 5% in pre-market trading today.
Veteran traders who experienced the dot-com-bubble-bursting of a quarter-century ago might be inclined to sit on the sidelines — but clearly there’s some dip-buying happening at the moment.
As for Bitcoin, it sank to as low as $75.3K during the worst of the risk-off move on Wall Street.
However, the price of BTC, per CoinGecko, returned to the vicinity of $76K. That key level had been reclaimed as of today at 8 a.m. (EST) although some slippage was spotted as the morning wore on. Still, not only did the world’s biggest digital asset white-knuckle its way through the worst tech stock selloff in 19 months but BTC also shrugged aside another lousy day for net fund flows. U.S.-listed spot BTC ETFs yesterday saw $430M go out the door.
Meanwhile, in Arkansas, Republican Rep. French Hill, a champion of the crypto industry, won reelection. Hill’s victory over Democratic challenger Chris Jones in Arkansas’ 2nd Congressional District was confirmed yesterday by The Associated Press. The race previously had been too close to call.
As chairman of the House Financial Services Committee, Hill helped shepherd the GENIUS Act into law and is credited with moving the CLARITY Act through to the Senate (where ultimately it failed to advance). With Democrats taking control of the House, Hill is expected to lose his committee chairmanship.
What's down
Mag 7 Mauled
The Nasdaq Composite fell 5.5% yesterday and wound up closing 11% below its most recent high. Nasdaq companies shed an estimated $2.5 trillion worth of market capitalization. Just the “Magnificent Seven” names (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla) alone lost roughly $1T.
A brutal mauling of computer memory manufacturers jumped out as particularly frightening. For instance, SanDisk plunged 22%. Micron lost 18%.
Chip stocks also bore the brunt of heavy dumping. The iShares Semiconductor ETF (SOXX) lost 12% for its worst day since March of 2020.
What's next
On-Chain Trading Realm Ready For Anthropic IPO (Although The AI Giant Itself May Not Be)
It remains unclear whether the sell-off in AI stocks will lead Anthropic to delay its monster IPO.
Kalshi’s odds of this event taking place before month’s end have in the past day tumbled from 88% to 60%.
Some experts have insisted the Claude creator most likely will proceed with its public launch as planned. Morningstar analyst Malik Ahmed Khan is among those envisioning no near-term ramifications of the tech sell-off.
Also in the full-steam-ahead camp is Hypercall, an on-chain options platform built on Hyperliquid. Starting on Monday, per The Block, Hypercall will offer the first options market for Anthropic in advance of its debut.
The contracts will trade 24/7 but will not be available to U.S. customers, The Block noted.
Anthropic-linked perpetual futures already exist on Hyperliquid. Hypercall’s options — synthetic, cash-settled derivatives — are designed to be a hedging tool for the Anthropic perps market.
Last month, Anthropic filed its Form S-1 with the SEC indicating plans to list on the Nasdaq under the ticker ANT. The AI giant reported $16.3B in revenue for the first half of this year (up from $1.1B in the first-half of 2025) alongside $9B in compute spending, its prospectus revealed.
Primarily driven by non-cash accounting adjustments, Anthropic's filing showed an $81B net loss during the period. In terms of infrastructure spending obligations, Anthropic has a mighty full plate. Its future cloud and computing commitments total $600B.
Concerns about the sustainability of AI infrastructure spending has altered the dynamics of pre-IPO options pricing. Anthropic is viewed as less likely to enjoy a post-IPO rally if such an offering ever does take place.
The traders that make markets in options are pricing for volatility and now suddenly much more focused on the prospect of Anthropic suffering a post-IPO slide, said Hypercall’s founder Jake Sylvestre. It's not just the steepness of the potential drop being contemplated but also the swiftness, he explained.
As The Block pointed out, an option can expire worthless. However, a price swing won't automatically trigger a margin liquidation, which is the case with leveraged trading of perps.
Hypercall’s Anthropic options are rolling out right as enabler Hyperliquid's underlying infrastructure is set to grow more closely integrated with the U.S. market. Last week, ICE, parent of the NYSE, agreed to join forces with TradeXYZ to bring Hyperliquid-based perps to U.S. traders. (ICE operates the exchange and clearing; TradeXYZ designs the markets).
Nasdaq-listed Hyperliquid Strategies (PURR) has now filed with the CFTC to become a futures commission merchant (FCM). This designation, subject to approval, would allow Hyperliquid to "play a role" in bringing perpetual futures to U.S. customers within a regulated framework.
On a dismal day for the Nasdaq, PURR shares actually gained 1.7%.
Hyperliquid Strategies yesterday reported $13.3M in revenue for the quarter ended Sept. 30, exceeding most analysts’ estimates.
