Key Highlights

● The Nasdaq Composite surged 673.71 points to 25,253.14.

● The biggest crypto funds fell.

● The iShares Ethereum Trust slid much more sharply.

● Ether hovered around $2,126.

Investors who own crypto through Exchange-traded funds had a frustrating Monday, November 9, 2026. While the Nasdaq Composite surged 673.71 points to 25,253.14, its best day since July 30, the biggest crypto funds fell, according to news reports.

The iShares Bitcoin Trust (NASDAQ:IBIT) slipped. The Fidelity Wise Origin Bitcoin Fund (FBTC) edged lower by a similar amount. The iShares Ethereum Trust (NASDAQ:ETHA) slid much more sharply, making ether funds the clear underperformers.

Why ETFs and tokens can diverge

Spot crypto ETFs hold the actual cryptocurrency, so their prices track bitcoin or ether closely. But there is a timing wrinkle. ETFs trade only during stock market hours and are valued around the 4 p.m. Eastern close, while crypto trades around the clock.

That helps explain why the readings looked different. Bitcoin was quoted at $74,824.47 as of 5:20 p.m. Eastern at $74,824 and at $75,034.68, roughly flat, while other readings reported a dip below $75,000 during the session. Ether hovered around $2,126. Depending on when each snapshot was taken, the token could look flat even as the funds closed lower.

Money heading for the exits

The bigger story is fund flows. Bitcoin ETFs saw about $1.28 billion of outflows the previous week, the largest since late June, and ether ETFs lost about $365 million, according to market coverage. Outflows mean more shares are being redeemed than created, which can force funds to sell underlying coins.

The pressure has pushed bitcoin to a sensitive level. Early on Monday, it traded near $74,030, below the $75,451 average cost of the 849,327 bitcoin held by Strategy, according to cryptoticker.

What stocks had that crypto lacked

Stocks had clear catalysts on Monday. Oil tumbled, with Brent Crude sliding to $92.57 on hopes of a US-Iran peace deal, easing Inflation fears. Chip stocks staged a huge rebound, led by names such as Advanced Micro Devices (NASDAQ:AMD), after a punishing week. The S&P 500 jumped 173.08 points to 7,549.94.

Crypto had no such spark. And the Federal Reserve remains a headwind: traders see a December rate hike as likely, according to Futures Market pricing. Higher rates make yield-bearing Assets more attractive than non-yielding ones like bitcoin and ether.

Gold, by contrast, climbed. December gold futures rose $39.60 to $4,114.50, according to market reports, a contrast that underlined crypto's weak day.

The crypto stock angle

Companies tied to digital assets were also in the news. IREN (NASDAQ:IREN) slipped after an analyst downgrade, according to market data. MARA Holdings (NASDAQ:MARA), a bitcoin miner, released third-quarter results after the close, citing 1.9 gigawatts of energized capacity, according to its press release.

For retail investors, the gap between a strong stock market and weak crypto funds is a reminder that the two asset classes do not always move together. On Monday, money flowed toward AI-linked equities instead, with the PHLX Semiconductor index soaring to 10,033.93.

Fund Flows Decide the Gap

Daily ETF flow data will show whether the previous week's outflows are continuing or starting to reverse. Tuesday's October consumer price report, the last before the Fed's December 8-9 meeting, could move rate expectations and with them crypto sentiment. Watch whether bitcoin holds near Strategy's cost basis and whether ether funds keep underperforming bitcoin funds, a sign of where risk appetite within crypto is weakest.