China’s tech crash erased $480 billion. Bitcoin rose 27% over the same dates
Summary
China’s STAR50 technology index fell nearly 40% from its July 2026 peak by Oct. 26, erasing an estimated $480 billion in market value, while Bitcoin gained 26.6%. The comparison does not show that Chinese losses have spread to crypto: US technology benchmarks and Bitcoin had different returns over the same period, though their recent daily correlation rose. Past episodes show Bitcoin can fall alongside equities, but do not isolate the effect of stock-market stress. Funding data and spot Bitcoin ETF flows are mixed. Contagion risk would look stronger if US tech losses coincided with widening credit spreads, funding pressure and continued ETF outflows; orderly financing and renewed buying would weaken that case.
