Coinbase, Circle underperform Big Tech as crypto stock slump deepens

Coinbase and Circle have posted steeper losses than Oracle, Netflix and Salesforce, highlighting the widening gap between crypto equities and the broader market.

A broad selloff in technology stocks has weighed even more heavily on crypto-focused companies, highlighting a growing divergence between digital asset equities and the broader US stock market.

Shares of Coinbase (COIN) and Circle (CRCL) have fallen 69% and 72%, respectively, from their all-time highs. Those declines exceed the drawdowns seen in several major technology companies, including Oracle (ORCL), Salesforce (CRM), Netflix (NFLX) and Palantir (PLTR), which are down between 48% and 57% from their peaks, according to data from The Kobeissi Letter

By comparison, the large-cap S&P 500 Index has retreated just 3.5% from its recent high.

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