Bitcoin Slides to $75,600 as $1.25 Billion in Crypto Liquidations Follow Nasdaq Rout

Bitcoin fell about 6% to roughly $75,650 on Friday, November 6, erasing the rebound above $80,000 that had followed the US midterm elections just days earlier. CoinGecko data put the price at $75,649.64, after swinging between $75,229.51 and $80,721.32 in a single day. The world’s largest cryptocurrency was worth about $1.52 trillion at that level and now sits roughly 40% below its all-time high of $126,080. Most of the damage came on Thursday, when Bitcoin dropped from above $79,000 to below $76,000 shortly after the US stock market opened. It later clawed back above $76,000, but the recovery looked fragile rather than convincing.

Forced selling drove the speed of the fall. When leveraged traders can no longer cover their losses, exchanges close their positions automatically — and in the 24 hours to Friday, that process wiped out $1.25 billion of crypto positions belonging to 239,119 traders, according to CoinGlass data. Long positions, bets that prices would rise, made up about 89% of the total, or $1.11 billion. Bitcoin led the damage with $329.57 million in liquidations, followed by Ethereum at $210.27 million. Binance handled the largest share at 45.2%, and the single biggest casualty was a $10.94 million long position on the exchange’s ETH/USDT pair. By Friday morning the pace had slowed: only about $277 million was liquidated in the previous 12 hours, so most of the forced selling happened during the US session.

Institutional money was heading for the exit too. US spot Bitcoin ETFs recorded $430.2 million in net outflows on November 5, reversing the $74.6 million inflow of the previous day, according to Farside Investors. Fidelity’s FBTC led the withdrawals with $199.9 million, followed by BlackRock’s IBIT at $105 million — taking BlackRock’s withdrawals since October 30 past $1 billion. Grayscale’s GBTC lost $49.9 million and VanEck’s HODL $23.6 million, bringing total outflows for the first four November sessions to roughly $869.8 million. Exchange data pointed the same way: CryptoQuant analyst Darkfost reported that selling volume had overtaken buying on Binance and Coinbase.

Nothing about the trigger was crypto-specific, and that is the point. Thursday’s sell-off began in US equities, where the Nasdaq Composite fell 5.52% — its worst day since April 2025 — and the Dow lost 1,833 points, wiping about $2.5 trillion from the market on fears that Democratic midterm victories could slow the artificial-intelligence infrastructure buildout. The Nasdaq is now in correction territory, more than 10% below its October record. The pain spread across crypto: Ethereum fell about 7.6% to roughly $2,230, Solana lost 6.14% and XRP 6.66%, while the Crypto Fear and Greed Index stood at 32, in “Fear”. For all the talk of Bitcoin as digital gold, it still trades as a risk asset. Traders who want to understand that risk can start with our free forex course, where the same risk-management principles apply to crypto.

What to watch next arrives within hours. The US October jobs report is due at 18:30 PKT today, the last employment reading ahead of the Federal Reserve’s December 9 policy decision. In derivatives, perpetual futures open interest stands at $67.40 billion — traders will watch whether it keeps falling or stabilises. On the chart, the lines are clear: support near $75,300, then $72,000, while resistance sits near $77,900, and analyst Michaël van de Poppe expects a bottom after a sweep of $75,000 if technology stocks steady. Until the picture clears, sizing positions for the downside matters more than calling the bottom — our forex tools include calculators for planning risk before trading. (Not financial advice.)