Bitcoin fell to its lowest level since August late Sunday, and more than $1 billion in leveraged bets were wiped out. Bitcoin dropped from $75,690 to $73,477 in 15 minutes in thin weekend trading. Ether fell below $2,100 before both coins rebounded.
A fast drop on a quiet Sunday
The slide was sharp but short. Bitcoin recovered to trade above $75,000 after the low. At the time of reporting, Bitcoin is down 2.0% over 24 hours at $74,549, according to HODLFM data. That is about 8% below its Nov. 4 high above $81,000.
Ether has fared worse. It fell 4.5% to $2,060, and its weekly decline reached 8%. CoinGlass data showed $1.16 billion in liquidations over 24 hours. Long positions took most of the damage. Longs accounted for $1.04 billion in the latest tally, so traders who bet on a rebound after last week's election bounce paid for it.
Two headlines hit the market at once
Traders had two uncomfortable stories to absorb. Nvidia CEO Jensen Huang admitted to an affair with a woman U.S. officials believe was spying for China. Nvidia is the largest stock by market value and a bellwether for the AI trade, which has been weighing on tech shares. A board investigation is under way, and the company says it has no reason to believe national security or company secrets were compromised.
The second was geopolitical. Investors assessed stalled negotiations between Washington and Tehran. Bitcoin has not behaved like a safe haven in this conflict. It has more often than not declined during oil rallies since the Iran war began in March.
ETF money keeps leaving
Fund flows explain why dips are not being bought. Spot bitcoin ETFs recorded a net outflow of $1.28 billion last week, the largest single-week outflow since late June. BlackRock's IBIT accounted for about $1.21 billion of that across five trading sessions. Bitcoin ETFs lost $430.20 million on Nov. 5, the biggest one-day outflow of the month, according to SoSoValue data. The withdrawals pushed year-to-date net flows of US spot bitcoin ETFs below zero.
Two lingering stories sit behind the selling. The Democratic Party won both chambers of Congress in last week's midterms, and there are concerns about stricter regulation, particularly with changes in leadership on the Senate Banking Committee. Sentiment is also still scarred by the Oct. 29 breach at Binance, in which about $6.34 billion was stolen. Binance customers have pulled billions of dollars since the exchange reopened.
The levels traders are watching
The chart looks fragile. Bitcoin is stuck between 200-day average support near $73,150 and 100-day average resistance at $77,430. Immediate support sits near $73,692, followed by the $70,000 level. Polymarket prices a 53% chance that bitcoin dips to $70,000 before November ends.
The price now matters for one of the market's biggest holders. Strategy held 849,327 BTC as of Nov. 1, acquired for about $64.08 billion at an average price of $75,451 per coin, according to its Nov. 2 disclosure. At current prices, those holdings are worth roughly $1 billion less than their cost.
Not everyone is selling. One wallet borrowed $22 million in USDT from Aave and spent $21.55 million buying 10,000 ETH at $2,155. Leverage has also cooled. Aggregate bitcoin open interest has declined alongside the price, according to CoinGlass data, which means fewer forced sellers remain in the system.
Anastasiia G
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