Bitcoin trades near $76,150 following a 5.3% decline, as investors weigh persistent ETF outflows and the impact of a major Nasdaq selloff against today's critical U.S. labor market figures.
Bitcoin is down 5.3% over 24 hours with over $1 billion in leveraged positions liquidated, and spot ETFs keep bleeding: Fidelity's FBTC lost about $200 million and BlackRock's IBIT $105 million on Thursday, extending IBIT's outflow streak to five sessions. The intraday bounce of 0.2% to around $76,150 only stabilizes price after a dip to $75,200. Today's U.S. jobs report (8:30 a.m. EST, consensus +65,000 payrolls) is the next swing factor.
A 5.5% Nasdaq selloff on fears that Democratic control of Congress will slow the AI data center buildout spread to crypto, triggering more than $1 billion in liquidations over 24 hours and pushing bitcoin down 5.3%.
Traders are watching the U.S. jobs report at 8:30 a.m. EST, with economists expecting payrolls to rise by 65,000 in October; the result could set the direction for the coming days.
Ether fell 7.3% over the 24-hour period, underperforming bitcoin's 5.3% drop, and only regained 0.3% to around $2,241.62 since midnight UTC. With over $1 billion in crypto liquidations and continued ETF outflows, leverage unwinds can keep weighing on the weaker performer. The upcoming U.S. jobs report is the key macro trigger.
Yes, ether dropped 7.3% over the 24-hour period while bitcoin fell 5.3%, and it has only gained 0.3% since midnight UTC to around $2,241.62.
IBIT lost $105 million on Thursday, extending its outflow streak to five consecutive sessions according to Farside Investors. Persistent redemptions signal weakening institutional demand for spot bitcoin exposure at a time when bitcoin itself is under pressure near $76,000.
Thursday marked the fifth consecutive session of outflows, with $105 million leaving the fund according to Farside Investors.
Fidelity's FBTC shed around $200 million on Thursday, the larger of the two named spot bitcoin ETF outflows, amid a 5.3% bitcoin decline and over $1 billion in liquidations. Continued redemptions point to cooling demand for bitcoin ETF exposure in the near term.
Fidelity's FBTC lost around $200 million on Thursday during the crypto selloff.
The Nasdaq Composite fell 5.5% on Thursday on fears that Democratic control of Congress will slow the AI data center buildout, a sharp shock that also dragged crypto lower. The damage is already priced in; the next directional driver is today's U.S. jobs report at 8:30 a.m. EST, where a 65,000 payroll consensus could either soothe or amplify macro concerns.
Investors feared that Democratic control of Congress will slow the AI data center buildout, driving a 5.5% fall in the Nasdaq Composite that spread to crypto markets.
Bitcoin and Ether are showing signs of stabilization, rising slightly after a volatile Thursday that saw the Nasdaq tumble 5.5% on AI-related policy fears. The crypto market, which saw over $1 billion in liquidations, is now bracing for the U.S. jobs report at 8:30 a.m. EST, with economists anticipating a 65,000 payroll increase.
The selloff was triggered by a 5.5% drop in the Nasdaq Composite, driven by investor fears that Democratic control of Congress could hinder AI data center development.
Institutional demand remains weak, with Fidelity's FBTC losing $200 million and BlackRock's IBIT recording its fifth consecutive day of outflows, totaling $105 million on Thursday.