US equity futures slide late Thursday; Nasdaq 100 futures down 6.88%

The gap between Nasdaq 100 futures and the Dow points to a tech-led drawdown rather than a broad risk-off rotation, with the Russell 2000's steep fall suggesting small caps were hit hard too. For crypto and RWA markets, the relevant read is correlation: sharp equity futures moves late in the New York session often set the tone for digital assets into the next open. Whether this proves a one-session shock or the start of a sustained de-risking is the open question worth watching.