Markets
Bitcoin gives back its election bounce, falls 6% with tech stocks
A Nasdaq rout and $1.09 billion of liquidations pushed bitcoin to $75,568, a day after it climbed back above $80,000.
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ETFs
Bitcoin ETFs start November $440 million in the red
BlackRock's IBIT drove the outflows while Fidelity's FBTC pulled in new money.
MiningPublic bitcoin miners keep leaving for AI
Core Scientific and IREN set year-end exits, and Keel sold all of its bitcoin.
MarketsWhat traders are watching after the drop
Analysts named $73,000 and $68,000 as downside levels and $80,000 as the line to reclaim.
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Bitcoin gives back its election bounce, falls 6% with tech stocks
A Nasdaq rout and $1.09 billion of liquidations pushed bitcoin to $75,568, a day after it climbed back above $80,000.
Bitcoin fell about 6% on Thursday, touching an intraday low of $75,568. The drop erased the gains it made a day earlier, when US election results pushed it back above $80,000.
The sell-off started in stocks. The Nasdaq lost about 5.5% and the S&P 500 about 4.3%, led by AI and chip names. Analysts quoted by CoinDesk said bitcoin moved tick for tick with the Nasdaq instead of acting as a safe haven.
Leverage made it worse
CoinGlass counted about $1.09 billion of liquidations across crypto over 24 hours, most of them long bets on higher prices. Open interest in bitcoin derivatives fell below $26 billion, its lowest since mid-September.
Sentiment turned quickly. The Crypto Fear & Greed Index dropped to 28, in "Fear" territory, from 50 the day before.
Levels to watch
- $80,000: Wintermute's Jasper De Maere said bitcoin needs to reclaim and hold this level to show renewed strength.
- $73,000 and $68,000: the downside targets he named if selling continues.
Why it matters
This week bitcoin traded like a tech stock. When leverage builds up, a stock-market scare can force sellers in bitcoin too, whatever the long-term case. Watch whether bitcoin starts to separate from the Nasdaq once the forced selling clears.
Sources
Not financial advice.
Bitcoin ETFs start November $440 million in the red
BlackRock's IBIT drove the outflows while Fidelity's FBTC pulled in new money.
US spot bitcoin ETFs had net outflows of about $439.6 million over the first three trading days of November, according to TFTC's flow tracker. Two days of selling outweighed one day of buying.
Who sold, who bought
- BlackRock IBIT: about $701.5 million out, the biggest outflow by far.
- Fidelity FBTC: about $250.2 million in, nearly all of it on November 4.
- Bitwise BITB: about $37.1 million in. Grayscale's Mini (BTC): about $52.6 million out.
Headlines on November 6 pointed to roughly $430 million more leaving after Thursday's tech sell-off. We will add that day to the chart when the final daily data is posted.
Why it matters
ETF flows are the clearest daily read on demand from big investors. Steady outflows during a price drop mean institutions are cutting risk, not buying the dip. A turn back to inflows would be an early sign that selling is done.
Not financial advice.
Public bitcoin miners keep leaving for AI
Core Scientific and IREN set year-end exits from mining, and Keel sold every bitcoin it held.
Three listed mining companies made the same move this week: away from bitcoin and toward renting their power and data centers to AI customers.
- Core Scientific said it will stop mining bitcoin by the end of the year. Mining brought in $17.5 million of its $232.9 million third-quarter revenue.
- IREN said its mining revenue fell 58% to $28 million and it aims to be substantially out of bitcoin mining by December 31, 2026.
- Keel, the company formerly called Bitfarms, sold its entire treasury of 2,520 BTC for about $192 million.
Miner stocks fell hard in Thursday's sell-off, with several AI-linked names down 13% to 17%. Hut 8 dropped 23% after a candidate opposed to new data centers won the Texas governor's race.
Why it matters
Bitcoin does not need any single company to keep running. When miners switch off, the network resets its mining difficulty every 2,016 blocks so blocks keep coming about every 10 minutes, and the remaining miners earn a bigger share. Watch who buys the machines these companies retire.
Sources
Not financial advice.
Learn
Bitcoin, explained plainly
Short explainers for new and curious bitcoiners. Each one takes under five minutes.
What is a sat?
A sat, short for satoshi, is the smallest unit of bitcoin: one hundred-millionth of a coin.
One bitcoin equals 100,000,000 sats. The name honors Satoshi Nakamoto, Bitcoin's pseudonymous creator.
You never have to buy a whole bitcoin. At a price of $76,000, $100 buys about 131,579 sats. Many bitcoiners quote small amounts in sats because whole numbers are easier to read than 0.00131579 BTC.
Quick conversions
- 1 BTC = 100,000,000 sats
- 0.01 BTC = 1,000,000 sats
- 0.001 BTC = 100,000 sats
Inside the Bitcoin software itself, every amount is counted in sats. Bitcoin is only shown as decimals to make it familiar.
The halving
Every 210,000 blocks, the new bitcoin paid to miners is cut in half. That is roughly every four years.
Miners who add a block to the chain earn newly created bitcoin, called the block subsidy, plus the fees in that block. The subsidy started at 50 BTC in 2009 and halves on a fixed schedule written into the code.
The schedule so far
- 2012, block 210,000: 25 BTC
- 2016, block 420,000: 12.5 BTC
- 2020, block 630,000: 6.25 BTC
- April 2024, block 840,000: 3.125 BTC
- Next, block 1,050,000 (expected around spring 2028): 1.5625 BTC
Because each halving cuts new supply, the total will never pass 21 million bitcoin. The last fraction is expected to be mined around the year 2140.
Block height, explained
Block height is the number of a block in the chain, counting up from the first block in 2009.
The first block, called the genesis block, is height 0. Every new block adds one. A new block arrives about every 10 minutes, so roughly 144 blocks are added each day.
Bitcoin schedules its rules by block height, not by calendar dates. The halving happens every 210,000 blocks, and mining difficulty adjusts every 2,016 blocks, about every two weeks. Every computer running Bitcoin agrees on the block count, so the rules switch on at the same moment for everyone.
Some bitcoiners even date their posts by block height instead of the calendar. Satoshi's early code called the chain a "timechain" for this reason.
To see the current height, check a block explorer such as mempool.space.
Self-custody in 3 steps
If an exchange holds your bitcoin, you hold an IOU. Holding your own keys makes the coins truly yours.
1. Get a hardware wallet
A hardware wallet is a small device that keeps your private keys offline. Buy it directly from the maker, never second-hand.
2. Write down your recovery phrase
During setup you will get 12 or 24 words. Write them on paper or stamp them in metal. Never type them into a phone, computer or website, and never share them. Anyone with those words can take your bitcoin.
3. Test with a small amount
Send a small amount first. Practice recovering the wallet from your words before you move larger sums. Then withdraw from the exchange.
Rule of thumb
Not your keys, not your coins. No real company or support agent will ever ask for your recovery phrase.
Tools
Free Bitcoin tools
Quick calculators. Enter the current price or block height for exact results.
Dollars and sats
131,579 sats
$76.00
Price defaults to $76,000. Replace it with the live price for an exact figure.
Halving countdown
76,000 blocks to go
The default height is an estimate for Nov 6, 2026. Check mempool.space for the exact number. The next halving is at block 1,050,000.
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Gear we recommend
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Home mining
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