NVIDIA CEO Jensen Huang's personal extramarital affair triggers a sell-off in tech stocks
The global market is once again in turmoil, with news surrounding NVIDIA CEO Jensen Huang being involved in an extramarital affair bringing uncertainty to all assets.
$ NVDA is down 5% at the moment, dragging down a broader range of tech stocks. In the crypto market, this wave of selling triggered a chain reaction of liquidations, wiping out leveraged positions worth $1.14 billion.
Meanwhile, the weekly DEX trading volume of Solana has dropped to its lowest level since mid-August, and traders on the chain are still reluctant to re-enter the market after a continuous downward trend.
Bitcoin falls to $73,000 during a large-scale liquidation
The fourth quarter of 2026 has not been kind to the crypto market. After a strong third quarter during which Bitcoin rose from a low of $57,700 to a high of $87,700, the crypto market declined in October, and the bearish trend continued into November. This weekend, news that Jensen Huang was involved with a Chinese Communist spy further increased uncertainty, leading to a sharp sell-off in tech stocks.
As $ NVDA fell by more than 5% in pre-market trading, with a market value evaporating by approximately $200 billion, Bitcoin and other major crypto assets were also swept up in this wave of decline. Bitcoin dropped by 3.10%, hitting a low of $73,300, resulting in liquidations of $1.14 billion across the entire crypto market.
Ethereum has been particularly hit, with liquidation amounts exceeding $502 million; this token, which leads in market value by the name of Layer-1, has fallen by 6% to its lowest point since August 19th.
This trend has further dampened sentiment in the crypto market, with market participants once again expressing disappointment and frustration with the entire industry. Critics argue that, amidst destructive DeFi hacker attacks and predatory meme coin activities, crypto is rapidly becoming a field that lacks appeal in terms of capital and time allocation. As a result, the Fear & Greed Index for CMC continues to decline, approaching extreme fear levels not seen since the second quarter lows.
Solana Spot ETF Capital Outflow for 6 Consecutive Weeks
What adds to market concerns about the long-term prospects of the crypto industry is that institutional investors also seem to have begun questioning the valuation of certain assets. After a particularly strong year, Solana spot ETF is now facing capital outflows for six consecutive weeks; this change is particularly notable after recording net inflows for 14 consecutive weeks prior to that.
Bitcoin's performance isn't much better. According to Sosovalue data, last week Bitcoin spot ETF saw a capital outflow of $1.28 billion, which is the worst single-week performance since the end of June. However, while some critics believe that the capital outflow after the U.S. mid-term elections ETF indicates that institutional investors are losing confidence, the Bitwise chief investment officer Matt Hougan believes that this industry is simply maturing.
Hougan indicates that mainstream encrypted assets, including $ SOL, have "performed well" in the face of political turmoil.
On-chain transaction volume slows down
As for Solana itself, short-term sentiment may improve due to the network's flagship event Solana Breakpoint, which will be held in London on November 16th and 17th, bringing together builders, investors, and regulators from all sectors of the industry.
Such activities are often accompanied by key announcements that drive network growth and accelerate adoption, so there is a lot to look forward to in the Solana community in the coming weeks.
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