Financeupdated 1h ago2 min read
Asian Markets Slide as China’s CSI 300 Enters Bear Market, Bitcoin Retreats Toward $82,000
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China's CSI 300 falls about 20% from June peak, entering bear market. Asian equities slide, with Japan, Korea and Hong Kong down around 3%+.
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China bear market spreads
Asian markets slid on Thursday as China’s CSI 300 entered bear-market territory after falling 20% from its June peak, with the index tracking 300 major stocks listed in Shanghai and Shenzhen. The CSI 300 slid 2% and took the decline from June’s peak to 20%, while Japan’s Nikkei 225 fell around 3%, South Korea’s Kospi dropped 3.5%, Taiwan’s benchmark lost 2%, and Hong Kong’s Hang Seng declined 3%. Bitcoin retreated toward $82,000 as gold fell more than 1% to below $4,100 an ounce and silver dropped over 3.5% to around $55.
Brent crude climbed above $112 to the highest levels since May, and WTI crude topped $100 a barrel as rising oil prices added to market pressure. The Cboe Volatility Index, or VIX, jumped 10% to around 18, roughly 30% above September’s low.
Earnings, AI, and confidence
LSEG data showed the CSI 300 fell for 10 consecutive weeks and was down 2.6% so far this week, underscoring sustained pressure on Chinese equities. Jordan Cvetanovski, chairman and CIO at Pella Funds, said China’s equity market continues to face structural challenges, telling CNBC, "I think China is really struggling with reining in the problems that they've had in the past from the overbuild of capacity and other things." Shaun Rein, managing director at China Market Research Group, expected further selling pressure as geopolitical uncertainty and concerns over an artificial intelligence bubble weigh on investor sentiment.
Daniel Gerard, senior multi-asset strategist at State Street Markets, struck a more optimistic tone, saying China’s growing capabilities in artificial intelligence could eventually draw global investors back into its equity market, even before corporate earnings recover. CoinDesk also tied the selloff to mixed third-quarter earnings from U.S. companies, including Tesla cutting its capital-spending forecast and Meta raising the lower end of its spending guidance.
What markets are pricing
CoinDesk said the equity selloff persisted despite easing Treasury yields, with the U.S. 10-year yield standing near 5.077%, below its recent peak around 5.4%.
“Forward valuations had contracted to roughly 13 times earnings.”
The Cryptonomist said the CSI 300 reached bear-market territory on Thursday, October 22, as the Asian stock market decline spread across regional benchmarks and the index stood 20% below its June peak.
David Ingles said Hong Kong-listed Chinese technology shares recorded their worst session since Donald Trump’s April 2025 “Liberation Day” tariff announcement, and Ingles said the technology benchmark had lost more than 40% from its peak.
The Cryptonomist added that forward valuations had contracted to roughly 13 times earnings, while oil moved in the opposite direction, with WTI crude exceeding $100 a barrel and Brent rising above $112.
Pluang’s market update also cited Bitcoin trading near $82,000 amid rising oil prices and mixed U.S. earnings, while noting that Pluang users showed 48% selling and 52% buying with BTC held for an average of 112 days.