Crypto market sheds $140 billion as bitcoin slips below $76,000

What happened

Bitcoin fell below $76,000 on Nov. 5 as a swift sell-off erased about $140 billion from the cryptocurrency market's total value within four hours, according to U.Today. The report said bitcoin reached roughly $75,900 at its low, unwinding a rebound above $80,000 from the previous day.

The decline occurred alongside a sharp drop in U.S. technology shares, concerns about Federal Reserve policy and uncertainty over how the U.S. midterm elections might affect crypto regulation, U.Today reported. CoinGape reported on Nov. 6 that bitcoin touched about $74,800 on Friday, its lowest level since Aug. 21, while ether traded at $2,231 and XRP at $1.19. Solana rebounded to $90.41 after slipping below $90, the outlet said.

The move forced a large wave of leveraged positions to close. U.Today cited CoinGlass data showing $1.05 billion in crypto liquidations over 24 hours, affecting 203,418 traders, with long positions accounting for most of the damage. CoinGape later reported that rolling 24-hour liquidations had eased to about $707 million after exceeding $1 billion earlier in the sell-off.

Why it matters

The episode highlighted how closely crypto trading has become tied to U.S. equity markets. U.Today cited a Bitfinex Alpha report saying the 30-day correlation between bitcoin and the Nasdaq 100 had risen to 0.68, a strong reading. That link means a technology-led retreat can quickly spill into digital assets.

ETF flows offered another measure of demand during the period. CoinGape reported that U.S. spot bitcoin ETFs recorded $430.2 million in net outflows on Nov. 5, reversing a $74.6 million inflow the prior day and bringing the week's net withdrawals to $869.8 million through Thursday. FBTC led redemptions with $199.9 million, followed by IBIT at $105 million. Six bitcoin funds saw redemptions and none posted net inflows. Spot Solana ETFs had $800,000 in net outflows, all from GSOL, the report said.

What the data shows

CoinGlass data cited by U.Today showed longs made up about $926.81 million, or 88%, of the $1.05 billion in 24-hour liquidations, while shorts accounted for roughly $126.60 million. In the final four hours of the acute sell-off, $872.48 million was liquidated, including $793 million in longs. The largest single liquidation was a long ETH/USDT position on Binance worth about $10.94 million at $2,243.86.

CoinGape also noted the Crypto Fear and Greed Index at 31, in fear range. It said Solana traded just above its 200-day simple moving average of $89.04, with support at $88.30, and listed $87, $85, $80 and $75 as levels to watch on further weakness. A rebound would first need to clear $95, with $100 and $110 above that. Solana's daily RSI was 32.4, just above oversold, while the MACD line at -4.46 sat below its signal line at -3.81.

Background

The sell-off erased bitcoin's post-election gains and left Solana near lows reached earlier in November, according to CoinGape. The technology rout was severe: the Nasdaq Composite dropped 5.52% on Thursday and shed as much as $2.5 trillion in market value, while Asian and European shares fell on Friday as investors reassessed AI infrastructure spending. U.Today, citing Reuters, said the Nasdaq index slid toward correction territory.

Macro data also shaped the mood. CoinGape reported that U.S. employers added 165,000 jobs in October, beating forecasts of 65,000, while unemployment edged down to 4.1%. The stronger hiring figures increased bets that the Federal Reserve would raise rates again in December, and the 10-year Treasury yield jumped 6.4 basis points to 4.894% in the initial reaction. U.Today noted that crypto was still dealing with the aftermath of a security breach at Binance at the end of October, with around $6.3 billion in stolen assets.

What to watch

Traders are likely to focus on whether bitcoin can hold the support area that failed on Nov. 5, and on whether U.S. equities remain under pressure. CoinGape noted that the next U.S. inflation report, due Nov. 10, could prompt investors to reassess rate expectations. ETF flow data and the pace of liquidations will also indicate whether forced selling is easing.

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