TLDR
Bitcoin fell 6% to $75,700 on Thursday after reaching $80,000 a day earlier.
Crypto liquidations hit $1.1 billion in 24 hours across nearly 211,000 positions.
Spot Bitcoin ETFs lost $1.16 billion over three days before a $74.6 million inflow on November 4.
Fidelity’s FBTC added $236.7 million while BlackRock’s IBIT lost $201.2 million on the same day.
Wintermute is watching $73,000 and $68,000 and wants Bitcoin back above $80,000.
Bitcoin’s post-election rally faded quickly this week. The coin reached $80,000 on Wednesday, then dropped to $75,700 on Thursday, a 6% decline in one day.
The move came as a sharp selloff in AI stocks spread across Wall Street. Ether fell harder, sliding more than 7% to $2,247, according to The Block.
Leveraged traders took much of the damage. CoinGlass data cited by The Block shows $1.1 billion in crypto positions were liquidated in 24 hours, covering almost 211,000 positions.
The heaviest losses came in a single four-hour window. During that stretch, $879.92 million was liquidated, and $818.90 million of it came from long positions betting on higher prices.
These liquidations are not the same as money leaving Bitcoin ETFs. Liquidations are forced exits from borrowed positions, while ETF flow data tracks cash moving into or out of the funds.
ETF Flows Show a Split Between Fidelity and BlackRock
Spot Bitcoin ETFs were already losing money before Thursday’s drop. FarSide data shows outflows of $643.2 million on October 30, $398.6 million on November 2, and $115.6 million on November 3.
Bitcoin Price on CoinGecko
That added up to $1.16 billion leaving the funds over three trading days. Cryptopolitan had earlier reported a single-day outflow of $487 million in October.
The pattern broke on November 4, when the ETFs posted a net inflow of $74.6 million. However, the two biggest names moved in opposite directions.
Fidelity’s FBTC took in $236.7 million that day. BlackRock’s IBIT, on the other hand, saw $201.2 million leave the fund.
Tech Stocks Drag Risk Assets Lower
The Nasdaq closed Thursday down 5.5% at 24,315.00. The index now sits 11.9% below its October peak, while the S&P 500 lost 4.4% and Nvidia fell 9.3%.
Investors are asking when costly AI projects will start to pay off. High borrowing costs and possible post-election limits on data centers have added to those worries.
“Coming into this earnings season, there were worries that AI spending was too much,” Swissquote analyst Ipek Ozkardeskaya told Reuters. J.P. Morgan’s Michael Cembalest reported an 8% drop in hedge funds’ gross long-short exposure and about $4 trillion in AI-related off-balance-sheet commitments.
Bitcoin has been moving more closely with tech stocks. Foundry Labs measured a 0.41 correlation between Bitcoin and the Nasdaq-100 tracker QQQ over 63 days, and found that public Bitcoin miners trade more like AI infrastructure stocks.
S&P Global has also seen Bitcoin track stocks when investors pull back from risk. Still, the link does not prove the AI selloff caused Thursday’s Bitcoin drop.
Trading firm Wintermute called Wednesday’s rebound short-lived optimism. The firm named $73,000 and $68,000 as levels to watch and said it wants Bitcoin to hold above $80,000 before turning more positive.
Paul Howard of Wincent pointed to politics as another factor. He said recent Democratic gains in Congress could make it harder to pass the Clarity Act.
ETF data for November 5 is still incomplete, as several issuers have not yet reported. Those figures will show whether the November 4 inflow marked a return of demand or a pause in outflows.
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