Nasdaq falls 3.37% for fourth straight weekly loss as December rate-hike odds rise

The macro signal here is that a hot payrolls print is now doing more damage to risk assets than it is reassuring them, and the resulting rate-hike repricing is bleeding into crypto through the ETF channel rather than through idiosyncratic token news. The overlap of a record one-day equity drop with a large single-day bitcoin ETF outflow suggests the two are trading as one liquidity-driven position, not as separate stories. Whether the ETF outflows persist beyond the midterm-driven regulatory scare, and whether rate pricing holds near current levels, is the open question for the week ahead.