Bitcoin outperforms Nasdaq-100 as hedge funds cut tech positions

Bitcoin fell 1.3% while the Nasdaq-100 dropped 5.5% in the week through Oct. 16, as hedge funds reduced technology exposure at the fastest pace since 2016. Goldman Sachs prime brokerage data shows global equities net selling exceeded the prior year's flow distribution by two standard deviations, with semiconductors seeing the largest dollar selling. Technology accounts for 23.5% of net allocation in Goldman's global prime brokerage book, and hedge fund net leverage fell to a one-year low of 48.6%. US spot Bitcoin ETFs recorded net inflows of $1.72 billion from Sept. 21 through Oct. 16, though the last two weeks saw net outflows totaling $907.3 million. CFTC data indicates leveraged funds cut net short exposure in Bitcoin futures by 1,008 contracts in the week to Oct. 13.