A FANG Flameout Reveals a Hidden Trade

Say a quick prayer for the FANGs this morning.

While bitcoins latest romp to new highs distracted most investors yesterday, the FANG block just suffered its worst drop in 22 months.

Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL) were hit with losses of 4% and 5.5% on the day, respectively. Semiconductors are also feeling the heat, with industry leader NVIDIA Corp. (NASDAQ:NVDA) cratering almost 7% by the closing bell.

While the 3.7 percent drop in an index tracking Facebook, Amazon, Netflix and Google was the biggest in 21 months, the amount of lost money exceeded any other single day on record, Bloomberg reports. At about $60 billion, the decline in their combined market value is poised to eclipse any since Facebook arrived in public markets.

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