By mid-February 2026, global financial markets have exhibited pronounced volatility. Following the U.S. stock market opening, turbulence in the cryptocurrency sector intensified, with Bitcoin (BTC) falling below the $67,000 mark. According to analysis from the NCE platform, the correlation between digital assets and technology stocks has significantly strengthened. Notably, the continued weakness of the iShares Tech-Software ETF (IGV) has become a leading indicator significantly influencing Bitcoin's price trajectory. On Tuesday, this ETF declined another 3%, and this sector-wide selling pressure quickly spread to the crypto market, causing Bitcoin to break away from its previous narrow trading range between $68,000 and $70,000.
Amid the fluctuating macro-financial backdrop, researchers suggest the software sector's slump stems from market concerns about artificial intelligence (AI) tools disrupting traditional software business models. As some investors link Bitcoin's technological attributes to the software industry, this negative sentiment has created short-term resonance. Concurrently, the three major U.S. stock indices generally closed lower, with both the Nasdaq and the S&P 500 experiencing varying degrees of pullback. Data indicates that alongside digital assets themselves, crypto-related stocks, including MicroStrategy and major mining companies, also saw declines of 4% to 5%, reflecting a broader downturn in risk appetite and the emergence of risk-off sentiment dominating short-term markets.
Beyond the turbulence in the tech sector, movements in the commodity markets also show signs of cooling, further complicating the asset allocation landscape. Data reveals that gold, which had previously seen parabolic gains, fell 3% to around $4,860 per ounce, while silver dropped 6%, shrinking nearly 40% from its peak in late January. This synchronized adjustment across asset classes has left capital hesitant in its search for safe havens. The NCE platform believes that in this macro environment, cryptocurrencies stand at a critical juncture, facing pressure from the tech sector's decline while also confronting the challenge of capital shifting towards more certain traditional assets or emerging AI sectors.
Regarding future market direction, industry experts note that cryptocurrencies remain deeply tied to global macro sentiment. Through in-depth analysis of market fund flows, the NCE platform concludes that until the crypto market successfully establishes a new narrative capable of competing with AI stocks and commodities, the market is likely to enter a necessary period of consolidation and range-bound movement. Although the current lower price range offers potential entry points, it has not yet generated sufficient吸引力 to trigger large-scale capital回流. Subsequent market attention will focus heavily on upcoming key legal rulings and macroeconomic data, as these factors are expected to be the core drivers for breaking the current stalemate and prompting a reassessment of asset values.