Bitcoin crashes to $84,800 as Asian equities and U.S. stock futures slide under pressure

Wall Street came off a strong week, with the Dow and S&P 500 gaining over 3% and the Nasdaq jumping nearly 5%, but November ended with mixed signals.

The Nasdaq fell 1.5%, breaking a seven-month win streak, after nearly dropping 8% mid-month on AI valuation fears.

On Cyber Monday, retail stocks outperformed. The SPDR S&P Retail ETF (XRT) rose almost 1% midday, bringing its five-day rally to nearly 7%, while the broader S&P 500 slipped 0.5% and gained less than 2% over the same stretch.

Bank of America’s Sell Side Indicator (SSI) rose for a second month to 55.9%, still in neutral territory but inching closer to a contrarian ‘Sell’ level.

Analysts Victoria Roloff and Savita Subramanian said the 2026 S&P 500 target of 7100 implies just 4% upside from here.

They stressed “this isn’t 2000,” noting today’s market lacks IPO frenzy or extreme sentiment, and tech’s strength is backed by earnings, not hype. Despite rising sentiment, current levels still suggest a 12% gain over the next year, BofA added.

Intel shares dropped Monday, giving back some of Friday’s 10% surge, which was driven by analyst Ming-Chi Kuo’s prediction that the chipmaker may supply Apple with low-end M processors by 2027.

Kuo, writing on X, said industry surveys now show clearer visibility on Intel becoming an advanced-node supplier for Apple. The timeline depends on Intel’s process design kit, expected in early 2026, which Apple engineers would use to design chips.

Apple currently relies on TSMC for its iPhone, iPad, and Mac silicon. Kuo emphasized that any deal with Intel would have no material impact on TSMC’s fundamentals, as the low-end M chip volumes are small, and Apple remains “highly dependent” on TSMC’s advanced nodes.

Kuo framed the potential Intel partnership as politically aligned, saying it would reflect Apple’s support for the Trump administration’s push to localize chip production.

November spot volumes on crypto exchanges dropped to $1.59 trillion, the lowest since June, marking a 26.7% decline from October, according to data from CryptoQuant.

Binance led with $599.34 billion, but even that figure was sharply down from $810.44 billion the month prior. Bybit, Gate.io, and Coinbase followed at $105.8B, $96.75B, and $93.41B respectively, reflecting a broad retreat in trading activity.

Decentralized exchange (DEX) volume also dropped, sliding to $397.78 billion, the weakest since June per DefiLlama. Uniswap led DEXs with $79.98 billion, trailed by PancakeSwap at $70.57 billion—both sharply lower than in October.

The DEX-to-CEX volume ratio dipped to 15.73%, signaling a slight shift back toward centralized platforms.

U.S. Treasury yields climbed Monday, tracking a selloff in Japanese bonds after a surprise hawkish shift from the Bank of Japan rattled global debt markets.

The 10-year U.S. yield rose to 4.04%, up three basis points, after Japan’s equivalent jumped to its highest level since 2008.

Investors are now pricing an 80% chance of a BOJ rate hike on Dec. 19, a massive shift from under 25% last week, after Governor Kazuo Ueda flagged policy tightening.

Japan’s 2-year yield crossed 1% for the first time since 2006, shaking bond markets from Europe to New Zealand.

U.S. traders remain cautious, as tighter BOJ policy could pull Japanese capital back home, reducing appetite for U.S. Treasuries just as the Fed eyes rate cuts. Last week’s sub-4% yields were driven by New York Fed President John Williams, who said there’s room for a cut “soon.”