Crypto stocks fell in U.S. pre-market trading on Thursday, October 22, with Coinbase and Strategy both down about 5%, after China’s CSI 300 index closed in a bear market and a tech sell-off s
Crypto stocks fell in U.S. pre-market trading on Thursday, October 22, with Coinbase and Strategy both down about 5%, after China’s CSI 300 index closed in a bear market and a tech sell-off spread across Asia. Nasdaq 100 futures were down 1.6%, and Bitcoin slipped 2.1% to $81,686.
The move erases much of a short rebound. From Monday’s close to Wednesday’s, Strategy (MSTR) gained 12.8% and Circle (CRCL) 10.2% as Bitcoin briefly climbed back above $84,000.
— Leshka.eth
ABSOLUTE BLOODBATH IN ASIAN MARKETS
NIKKEI SEMICONDUCTOR INDEX: -5.28%
HANG SENG TECH: -5.04%
KOSPI: -3.52%
(@leshka_eth) October 22, 2026
Yes, by the standard definition. The CSI 300, which tracks the 300 largest companies listed in Shanghai and Shenzhen, fell 1.8% to 4,036.30 on Thursday. That leaves it 20.2% below its June 22 closing high of 5,059.66, past the 20% threshold that marks a bear market, Sina Finance data shows.
The decline has been gradual. The index has closed lower for nine straight weeks and is on course for a tenth. Not every Chinese benchmark has crossed the line, however: the broader Shanghai Composite is about 14% below its May high.
The pressure was regional. Hong Kong’s Hang Seng fell 3.0% and Japan’s Nikkei 225 lost 2.7%. Chinese tech shares in Hong Kong had their worst session since the April 2025 tariff shock, citing Bloomberg’s David Ingles. Brent crude above $112 a barrel and fresh doubts about AI spending after mixed U.S. earnings weighed on sentiment.
Hong Kong’s tech benchmark now trades more than 40% below its peak, at about 13 times forward earnings. It has given back nearly all of its gains since Beijing’s stimulus package of September 24, 2024. For global investors, that removes one of the few markets that had offered relief from expensive U.S. technology stocks.
U.S.-listed crypto stocks gave back between 4% and 6% before the open, roughly three times the drop in Nasdaq futures. The sector entered the session with little room for error: Coinbase was already down 25% for the year at Wednesday’s close, while Strategy was roughly flat.
Stock Wednesday close Pre-market Change From 2026 closing high Coinbase (COIN) $177.08 $169.00 −4.6% −34% Strategy (MSTR) $153.48 $144.80 −5.7% −26% Robinhood (HOOD) $101.93 $97.28 −4.6% −22% Circle (CRCL) $89.71 $85.51 −4.7% −36% IREN (IREN) $27.84 $26.68 −4.2% −61% MARA Holdings (MARA) $7.79 $7.44 −4.5% −50%Source: Yahoo Finance, pre-market prices at 8:54 a.m. ET
Crypto stocks listed in Asia held up better than their local benchmarks. Japan’s Metaplanet, which holds Bitcoin as a treasury asset, fell 2.2%. In Hong Kong, exchange operators HashKey and OSL Group lost 2.3% and 1.3%, against the Hang Seng’s 3.0% decline.
Bitcoin miners entered the week already under pressure. Many now rent out their data centers to AI companies, so they trade alongside AI infrastructure stocks. When September’s inflation reading came in at 3.7% on October 14 and revived bets on a rate hike, AI infrastructure stocks sold off. IREN fell 23.3% that week and MARA 22.0%.
Much depends on Bitcoin. It has fallen from above $84,000 on Wednesday to under $82,000, and it remains 6.5% below its September high. Crypto stocks tend to amplify those moves in both directions, and a firm close in Bitcoin would likely limit the damage at the U.S. open.
Rates are the second test. The U.S. 10-year Treasury yield sits near 5.08%, and the Federal Reserve’s decision on October 28 will show whether policymakers share the market’s concern about inflation. The same oil shock keeping Bitcoin under $82,000 is feeding that debate.
China’s bear market is unlikely to drive crypto stocks on its own. It does add to a cautious mood in which investors are selling high-beta assets first. For Coinbase and Strategy, holding this week’s gains will require Bitcoin to stabilize above $80,000.
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The post Crypto Stocks Slide Before the Open as China’s CSI 300 Sinks 20% From Its June Peak: Can Coinbase and Strategy Hold This Week’s Rebound? appeared first on Tokenist.
