Big Tech Trading Like Bitcoin on a Bad Day After Disappointing Earnings

Bitcoin, known for its volatility, has only lost 18% or more in one day on 10 occasions over the last 10 years, and only twice in the last 5 years

article-image

Source: Shutterstock

share

key takeaways

  • Bitcoin managed to stay above $20,000 as Big Tech stocks continued their decline in after-hours trading
  • Amazon lost more than 20% during the after-hours session Thursday while Meta closed Thursday nearly 25% lower

Based on Thursday’s session, Big Tech is starting to trade like cryptocurrencies. 

Although bitcoin managed to stay above $20,000, paring just 2% over the day, Big Tech stocks continued their decline in after-hours trading following disappointing earnings results. 

Amazon lost more than 18% during the after-hours session Thursday after the company missed on revenue. Meta closed Thursday nearly 25% lower, ending the trading session at its lowest price since 2016, after posting a 4% year-over-year revenue decline. 

Apple, by contrast, posted a record quarterly earnings but still could not escape the market decline and lost 5% during the trading session, according to data from Investing.com. 

Bitcoin’s volatility is legendary, but…

Bitcoin, known for its volatility, has only lost 18% or more in one day on 10 occasions over the last 10 years, and only twice in the last 5 years. 

Bitcoin’s 20-day volatility is now lower than both that of the Nasdaq and S&P 500, according to research from data firm Kaiko. Both BTC and ETH have outperformed META over the past year.

“Bitcoin’s market share of trade volume hit its highest level in more than two years,” Kaiko noted in a research report released Thursday. “Bitcoin dominance has increased sharply since April which suggests that sentiment has turned predominantly bearish after the collapse of Terra’s ecosystem and the wave of high-profile bankruptcies over the summer.”

Disappointing earnings, coupled with a looming central bank decision and a tumultuous macroeconomic environment, is creating an increasingly uncertain outlook for equities. 

“US stocks are struggling for direction after a mixed bag of earnings was accompanied with economic data that supports the idea that the economy is weakening,” Edward Moya, senior analyst at Oanda, said. “Mark Zuckerberg is looking reckless here…artificial intelligence investment was boosted and now everyone is expecting Meta to have a free cash flow problem.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (3).png

Research

Pear Protocol has proven its market fit through its pair-trading infrastructure, sustaining consistent trading activity despite recent headwinds. Its strategic pivot toward Hyperliquid integration represents a major growth catalyst amid industry consolidation. While short-term token unlocks present challenges, current valuations and liquidity conditions may offer compelling opportunities for investors.

article-image

A Barnes & Thornburg survey shows that the regulatory clarity for crypto is leading to an uptick in interest from investment professionals

article-image

Retail investors once paid irrational premiums to bet on a bond king. Now they’re doing it for crypto kings

article-image

DeFi Dev nears 1 million SOL with $19 million in share proceeds

article-image

Levies on foreign cars are set to increase in less than two weeks, but companies say they are already feeling the heat

article-image

Poseidon turns to the last great frontier in AI: IP-cleared, real-world data, coordinated, licensed and monetized onchain

article-image

In an environment where Treasury vehicles and institutions are the focus, how does a blockchain like Berachain fit in?