Bitcoin dips 0.7% alongside a 7% pre-market slide in Nvidia shares, while U.S. spot bitcoin ETFs face a fifth consecutive day of outflows totaling $1.44 billion.
Nvidia shares are down around 7% in pre-market trading after the New York Times reported CEO Jensen Huang had a relationship with a company executive and the Wall Street Journal reported the board is preparing to remove him. No decision has been announced, and traders are watching for one; leadership uncertainty at the market's AI bellwether typically drives sharp repricing.
Bitcoin is down 0.7% to about $72,861 as U.S. spot bitcoin ETFs bleed for a fifth straight day, with outflows of $299.9 million on Wednesday totaling roughly $1.44 billion since Nov. 5; BlackRock's IBIT alone has seen redemptions for nine straight sessions. Options put skew of about 11% and negative cumulative volume delta point to continued selling pressure, while the tech-stock selloff led by Nvidia adds a risk-off drag.
BlackRock's IBIT saw $269.7 million of Wednesday's $299.9 million in U.S. spot bitcoin ETF outflows, its ninth straight session of redemptions, within a five-day streak totaling roughly $1.44 billion. Sustained redemptions on this scale put direct selling pressure on the fund and track bitcoin's weakness toward $72,861.
Nasdaq-100 futures are down 0.6%, giving back part of Wednesday's CoreWeave-led rally, as the Nvidia leadership reports hit the index's largest heavyweight. The selloff is also spilling into crypto, reinforcing the broader tech risk-off move.
Ether is down 0.5% to around $2,021 and ETH futures show capital leaving, with open interest down 1.8% and volume down 37.2%, the sharpest drop among the majors. One-week options skew of about 12% keeps puts at a premium, and the CoinDesk DeFi Select Index is down 1.6%, draining the broader Ethereum ecosystem.
Zcash is up 2.4% even though a draft proposal would remove 50,000 ZEC, around $50 million, from the community grants treasury, with holders voting Nov. 16-30. Futures show capital leaving, with open interest down 5.4% against a 0.4% price drop, but market-order buying skews positive, so the proposal's effect is contested ahead of the vote.
Bitcoin fell 0.7% to $72,861 as a tech-sector selloff, triggered by reports that Nvidia's board may remove CEO Jensen Huang, weighed on risk assets. Concurrently, U.S. spot bitcoin ETFs recorded $299.9 million in outflows on Wednesday, marking a five-day streak of withdrawals totaling approximately $1.44 billion.
Reports from the New York Times and Wall Street Journal say CEO Jensen Huang had a relationship with a company executive and the board is preparing to remove him; the stock is down around 7% pre-market.
No, Nvidia has not announced a decision; traders are watching for any board announcement.
A tech-stock selloff led by Nvidia is spreading, and U.S. spot bitcoin ETFs have shed about $1.44 billion over five straight days, removing demand from the market.
$299.9 million on Wednesday alone, roughly $1.44 billion across five consecutive days of outflows since Nov. 5.
IBIT has seen redemptions for nine straight sessions, including $269.7 million on Wednesday, part of about $1.44 billion in bitcoin ETF outflows over five days.
Nasdaq-100 futures are down 0.6%, erasing part of Wednesday's rally that was led by CoreWeave.
No. Ether is down 0.5% versus bitcoin's 0.7% drop over 24 hours, though ETH futures volume fell 37.2%, the sharpest decline among major coins.
Holders vote Nov. 16-30 on a draft proposal to pull 50,000 ZEC, worth about $50 million, out of the Zcash Community Grants treasury.