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.

Source: The Kobeissi Letter

The pullback in technology stocks reflects mounting concerns that advances…