We Are Still Early: One Brutal Wall Street Session Erased More Than the Entire Crypto Market

Just a day after the post-election aid rally, Wall Street suffered considered one of its most violent classes in years, with S&P 500 firms wiping out roughly $3 trillion in market worth as the Nasdaq posted its steepest each day drop since the pandemic period.

The scale of the destruction additionally produced a somewhat intriguing comparability: extra worth disappeared from US shares in a single session than the complete cryptocurrency market is at present value.

Wall Street Calamity

According to the Kobeissi Letter, the S&P 500 alone misplaced about $3 trillion in market capitalization throughout Thursday’s session, roughly $750 billion per hour from the opening bell. Dow Jones Market Data independently put the loss at round $2.9 trillion, the largest single-day wipeout on file for the index’s constituents. Nasdaq firms misplaced one other $2.5 trillion, whereas the Magnificent Seven shed simply over $1 trillion.

The scale of the promoting was notably relentless, as analysts from the KL identified that the S&P 500 and the Nasdaq staged at the least 5 intraday rebound makes an attempt, together with a single rally of 1.7%, however each one was offered. The main index didn’t print a single constructive one-hour candle throughout the complete session.

The Nasdaq 100 finally dumped by round 6.4%, whereas after-hours futures pushed the 12-hour decline to 7.1%. Meanwhile, the S&P 500 was subsequently about $5 trillion under its October peak.

What’s fascinating about as we speak’s value motion is how constant the promoting was.

As proven in our under evaluation, there have been at the least 5 intraday rallies in the S&P 500 and Nasdaq 100.

One of those intraday rallies was as large as +1.7%!

All of those rallies had been offered and not using a SINGLE inexperienced 1-hour candlestick in the S&P 500.

Today’s buying and selling session will likely be referenced for years to return.

— The Kobeissi Letter (@KobeissiLetter) November 6, 2026

Kobeissi argued that the collapse appeared extra technical than elementary. Concerns about AI profitability, capital expenditure, and doubtlessly tighter regulation had already spooked buyers, whereas file leverage amplified the transfer as soon as sentiment turned. US leveraged ETFs attracted roughly $15 billion in October, which was the largest rolling-month influx in at the least two years.

Still Early

Here’s the fascinating perspective for the crypto market, which additionally tumbled arduous for its dimension. CoinGecko and CoinMarketCap put the complete crypto market cap at someplace between $2.55 trillion and $2.65 trillion. As anticipated, Bitcoin holds the lion’s share, round 60% of both quantity.

In different phrases, the $2.9-$3 trillion erased from the S&P 500 firms in a single session exceeded the market worth of each BTC, ETH, XRP, BNB, stablecoin, altcoin, meme coin, Trump coin, and all different cash mixed.

Obviously, this doesn’t imply each crypto asset is undervalued, however it exhibits the digital asset market remains to be a fraction of its greater brothers, regardless of main adoption information over the previous few years.

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