AI Sector Holds Up as Token Index Edges Higher; Macro-Driven Selloff, Hawkish Fed Near Peak, CITIC Says

According to a CITIC Securities research note, the November 20 pullback is attributed to macro factors rather than panic selling from an AI bubble. The report cites a stronger September nonfarm payroll backdrop and persistent hawkish Fed policy commentary as catalysts for profit-taking across risk assets, including crypto. As US labor momentum cools, traders anticipate a December policy meeting that could temper hawkish expectations and shift liquidity dynamics influencing crypto market outlook.

From a crypto perspective, the AI narrative remains a long‑term growth driver for technology ecosystems, even as near‑term action tracks macro sentiment. The underlying resilience of major tech balance sheets supports continued demand for digital assets and AI-enabled blockchain advances, though investors should align decisions with evolving policy shifts and liquidity cycles to gauge risk appetite and capital allocation in crypto markets.