CoinDesk
The AI selloff that started in US tech spread to Asia overnight, with South Korea's KOSPI plunging nearly 4% in its weakest session in months. The drop came alongside one of the country's worst IPO debuts in years, as data centre company Elice fell roughly 30% on its first day of trading.
Why it matters
The breadth of the move is the signal. AI-exposed names led lower in US pre-market trading, with CoreWeave (CRWV) down 4% and Cipher Digital extending its slide. The weakness did not stop at tech: long-dated US Treasuries (TLT up 0.5%) attracted defensive flows, while Brent and WTI crude each climbed another 2%. Gold slipped nearly 1% to just above $4,110 an ounce, the one piece that does not fit a clean risk-off read.
Market impact
Bitcoin edged lower over the past 24 hours but held above $81,000, the line crypto traders are watching as the macro backdrop shifts. The combination of bond bids, oil strength, and equity weakness across both Asian and US sessions points to capital repositioning rather than a single-sector unwind. Watch whether BTC breaks below the $81K floor and whether the KOSPI's gap fills at the next session.
Frequently asked questions
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Why did the KOSPI drop so sharply overnight?
South Korea's KOSPI fell nearly 4% as the AI selloff that began in US tech spread to Asia, dragging AI-exposed names and overshadowing Elice's IPO debut, which fell around 30% on its first day of trading.
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What did Bitcoin do during the selloff?
Bitcoin edged lower over the past 24 hours but held above $81,000, the level crypto traders are watching as a key macro barometer.
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Why are crude oil and Treasuries both moving together?
Brent and WTI each climbed roughly 2% and the iShares 20+ Year Treasury Bond ETF (TLT) gained 0.5%, a pattern consistent with defensive repositioning rather than a single-sector unwind.
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Which AI-exposed names led the broader selloff?
US pre-market trading showed CoreWeave (CRWV) down 4% and Cipher Digital extending its slide, while Korean data centre company Elice fell around 30% on its IPO debut.
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What is the broader read on this market action?
The breadth of the move, hitting Asian equities, US AI infrastructure, oil, and bonds simultaneously, signals capital repositioning across multiple asset classes rather than a clean single-sector shakeout.
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