727 FinanceBitcoin fell 5.9% and lost the $76,000 level, Ethereum fell 7.9% and lost the $2,300 level, and U.S. Bitcoin ETFs saw net outflows of $430 million. The chip stock selloff spread to Asia-Pacific, South Korean stocks triggered a circuit breaker, the Nikkei 225 fell 5.96% into a bear market, and China's ChiNext Index fell 3.96%.
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Bitcoin fell nearly 6% in a single day, losing the $76,000 level, as the tech stock selloff transmitted to the crypto market.
Bitcoin plunged last night, following the dive in U.S. tech stocks. The crypto market fell broadly, with BTC market cap retreating to $1.52 trillion. As of press time, BTC is at $75,721, down 5.9% in 24 hours, down 3.4% over 7 days, and down 9.9% over 30 days. After the Binance hack incident, BTC had once rebounded to $81,200, and this round of decline has given back all of the rebound gains.
Institutional funds turned to outflows during the decline. SoSoValue data shows that on November 5, U.S. Eastern Time, spot Bitcoin ETFs saw total net outflows of $430 million, compared with net inflows of $74.5677 million the previous day. Fidelity FBTC led with single-day net outflows of $200 million, while BlackRock IBIT saw net outflows of $105 million.
The futures market deleveraged during the decline, and options expiry further amplified volatility. Deribit has about $2.64 billion in BTC options expiring today at 16:00, with a put/call ratio of 0.38, a max pain point of $79,000, and positions concentrated in call options at $82,000 and $85,000; the current price is already far below the strike prices.
The source of the decline is U.S. stocks. CryptoQuant analyst Axel Adler Jr. pointed out that tech stocks suffered their largest single-day drop since the COVID-19 pandemic, as Democrats who won gubernatorial elections in Texas, Ohio, and Georgia pledged to pause new data center construction, triggering market concerns about a slowdown in AI infrastructure expansion. He believes that as long as the stock market selloff continues, the risk of further de-risking in the crypto market remains. Data from another CryptoQuant analyst, Darkfost, shows that BTC's correlation indicator with the S&P 500 rose above zero for the first time since 2015, with the coin price increasingly moving in tandem with the stock market. The policy backdrop has also weakened: according to CNBC, Democrats achieved a major victory in the midterm elections, and the CLARITY Act may be shelved until 2028; The Wall Street Journal said that Senator Elizabeth Warren, a long-time critic of the crypto industry, is expected to lead the Senate Banking Committee. Next, whether U.S. tech stocks can stop falling is the biggest variable for Bitcoin's short-term trajectory.
BTC came under pressure from the transmission of a sharp pullback in U.S. tech stocks, with the price fluctuating in the roughly $75,000–$76,000 range and showing signs of sweeping toward around $75,000. Leading traders generally remain cautious and on the sidelines or look to position on dips. Michaël van de Poppe pointed out that Bitcoin performed relatively more resiliently than the Nasdaq that day (similar to the March 2020 situation), and expects the Nasdaq to bottom tomorrow, with Bitcoin also likely to stabilize after sweeping $75,000; current high volatility is the ultimate accumulation opportunity. Crypto Tony explicitly stated that he is waiting for the lows to be swept and for confirmation that they can hold before looking for long opportunities, and is not entering for now. Rekt Capital, starting from the cycle structure, believes that Bitcoin has touched right-shoulder support similar to the 2023 cycle and is now deviating downward, having retraced about 13% from its previous high and still far from its all-time high, with short-term weakness not yet fully resolved.
Ethereum fell nearly 8%, losing the $2,300 level, as bulls and bears among whales diverge further.
Ethereum fell even more, at $2,230 as of press time, down 7.9% in 24 hours, with market cap retreating to $272.4 billion. U.S. spot Ethereum ETFs saw total net outflows of $99.9677 million yesterday (November 5, U.S. Eastern Time), with BlackRock ETHA leading with net outflows of $75.2030 million and ETHB seeing net outflows of $21.9878 million; the previous day, ETFs had just ended five consecutive days of net outflows and turned to net inflows of $53.02 million, and after five consecutive days of net outflows, the funding side worsened again after only one trading day of positive flows.
The derivatives side also cooled in tandem. The ETH perpetual funding rate has turned to -0.0004%, open interest has fallen from $2.004 billion on November 5 to $1.708 billion, while the long/short account ratio has risen from 2.6 to 3.36. Deribit ETH options expiring today have a notional value of about $224.5 million, with a put/call ratio of 1.27, puts clearly outnumbering calls, the max pain point at $2,350, and relatively large positions also around $2,100.
ETH followed risk assets lower during the same period, with the price once dipping to around $2,200–$2,230, showing greater volatility than BTC. Daan Crypto Trades (@DaanCrypto) believes that ETH encountered obvious selling pressure after its previous rebound and has shown weak short-term price performance, but from a larger cycle perspective, $2,100 and $2,800 constitute important lower support and upper target zones respectively; if $2,100 is lost, the medium-term bullish structure will face a more serious challenge; Atrades pointed out that ETH has returned inside the weekly range and is currently bearish unless the range breaks above $2,464; Minga moved the stop loss on the ETH position to $2,050, and Crypto Tony is also waiting for the lows to be tested before considering going long again.
Other major coins fell more deeply, with XRP down 9.8% in 24 hours and SOL down 6.9%; among the top 100 by market cap, ZRO led the decline with an 11.4% drop. The aftermath of the Binance hack is still being handled: Binance announced that starting at 12:00 on November 6 it will open withdrawals for more assets in batches, and has applied to ArbitrumDAO for the return of 8,425.997 ETH and about 74.56 million ARB that were frozen; the entire governance process is expected to take about 49 days.
Today's highlights:
Monochrome Exchange lists platform token MCR, with on-chain withdrawals opening today.
Upbit 24-hour trading volume ranking: XRP, BTC, ETH, CARDS, SOL.
Spot Bitcoin ETFs saw total net outflows of $430 million yesterday.
Spot Ethereum ETFs saw total net outflows of $99.9677 million yesterday.
Top gainers among the top 100 coins by market cap today: BTW up 6.3%, RAIN up 2.9%, ARB up 1.7%, CC up 0.7%, JST up 0.6%.
Overnight chip stock crash sentiment sweeps Asia-Pacific, Korean stocks trigger circuit breaker, Nikkei enters bear market.
The transmission effect of the overnight sharp decline in U.S. tech stocks and the Philadelphia Semiconductor Index hit Asia-Pacific markets across the board, with concerns about a slowdown in AI infrastructure expansion making chips, memory, and computing power supply chains the hardest-hit areas.
South Korean stocks triggered a circuit breaker at one point in early trading. The KOSPI closed down 6.02% at 5,059.69 points, and the KOSDAQ index fell 5.03%. Heavyweight stocks fell across the board, with SK Hynix down 10.44%, SK Square down 10.51%, Samsung Electronics down 6.35%, and Samsung SDI down 8.06%. Among the biggest decliners, Kumho Petrochemical and Korea Investment Holdings both fell 17.34%, and Hanwha Engine fell 14.26%. Those rising against the trend included NHN up 15.63%, Lotte Rental up 10.40%, and GS Engineering & Construction up 6.44%. Bloomberg previously reported that KOSPI 200 index futures fell 7.9% overnight, and Samsung Electronics and SK Hynix fell more than 10% at one point in pre-market trading.
Japanese stocks also entered a technical bear market in tandem. The Nikkei 225 closed down 5.96% at 57,434.70 points, down 20% cumulatively from its June high; the TOPIX fell 5.90%. SoftBank Group plunged 10.83%, Japan Tobacco tumbled 19.31%, ROHM fell 15.00%, Ajinomoto fell 12.40%, Tokyo Electron fell 5.60%, and Advantest fell 4.99%. A small number of names closed higher, with Sysmex up 2.40% and Daikin Industries up 1.51%.
Hong Kong stocks fell relatively modestly but with clear structural divergence. The Hang Seng Index closed down 1.27%, and the Hang Seng Tech Index fell 1.83%. Tencent fell 2.46%, Xiaomi fell 2.94%, and SMIC fell 4.04%. Some AI computing power and semiconductor supply chain names fell more deeply, with FIT Hon Teng down 14.16%, GDS down 10.61%, and Shanghai Enflame Technology down 11.67%. Defensive and consumer names were relatively resilient, with Li Ning up 5.16%, Budweiser APAC up 2.57%, and Guangzhou Rural Commercial Bank up 8.30%.The three major A-share indices closed lower collectively, with the Shanghai Composite Index down 1.10%, the Shenzhen Component Index down 2.57%, and the ChiNext Index down 3.96%. More than 4,700 stocks across the market declined, and turnover in the two markets was 1.66 trillion yuan, shrinking by 460.2 billion yuan from the previous trading day. Semiconductors and AI hardware led the decline, with Dongshan Precision and Jereh Group hitting the limit down, Wus Printed Circuit down 9.62%, Zhongji Innolight down 9.19%, and GigaDevice down 8.99%. Defensive sectors were active against the trend, with banks, power, and telecom strengthening: China Construction Bank rose 2.14%, China Mobile rose 3.24%, China Telecom rose 4.22%, and Hua Hong Semiconductor rose 6.86%.