Bitcoin dips with Nvidia as ETF outflows reach day five

Bitcoin dips with Nvidia as ETF outflows reach day five

Bitcoin slips 0.7% as Nvidia falls on reports its board may oust CEO Jensen Huang, while U.S. spot bitcoin ETFs lose another $299.9 million.

ETF outflows now total around $1.44 billion over five straight days, with BlackRock’s IBIT on a nine-session streak.

Nasdaq-100 futures are down 0.6%, giving back part of Wednesday’s CoreWeave-led rally.

Zcash holders vote Nov. 16 to 30 on a draft proposal to remove 50,000 ZEC, around $50 million, from the community grants treasury.

Bitcoin BTC$73,512.58 is down 0.7% since midnight UTC at around $73,400, hovering near the day’s low as a selloff in tech stocks spreads. Ether ETH$1,994.77 is down 0.5% at around $2,044 and the CoinDesk 80 Index is down 1%. Over 24 hours, bitcoin has lost 0.8% and ether 0.7%.

Nvidia is the driver, with shares down around 7% in pre-market trading after the New York Times reported that CEO Jensen Huang had a relationship with a company executive and the Wall Street Journal reported that the board is preparing to remove him. Nvidia has not announced a decision. Nasdaq-100 futures are down 0.6%, giving back part of Wednesday’s CoreWeave-led rally.

Crypto’s lack of demand isn’t helping as U.S. spot bitcoin ETFs lost $299.9 million on Wednesday, according to SoSoValue, a fifth straight day of outflows that adds up to around $1.44 billion since Nov. 5. BlackRock’s IBIT accounted for $269.7 million of that, its ninth straight session of redemptions.

Initial jobless claims land at 13:30 UTC, and traders are also watching for any decision from Nvidia’s board. The Fed meets Dec. 8-9, with CME FedWatch pricing around a 90% chance of a hike.

Derivatives positioning

Crypto futures trading slows: Over 24 hours, futures volume fell 20.64% to $168.6 billion and open interest (OI) fell 2.92% to $125.8 billion, so trading cooled and money left the market as positions were closed. Liquidations fell 63.67% to $263.7 million, though longs made up 64.5% of the total, meaning more long positions were forced out than shorts.

CVD leans to selling: OI-adjusted cumulative volume delta (CVD) is negative for most major coins, including bitcoin, meaning a bias for market-order selling. This indicates a bearish sentiment in the broader market. GRAM, NEAR and ZEC are positive ones.

Put skew intact in ETH:One-week skew edged up to about 12%, so puts still carry a premium. Four of the six most-traded contracts are puts, though the busiest is the $2,200 call expiring Nov. 20.

Token talk

Gram (GRAM), the renamed toncoin, is on top of the CoinDesk 100 for a second day, up 5.2% since midnight UTC, as Telegram’s wallet push keeps drawing attention. Founder Pavel Durov said earlier this week that more than 700,000 wallets were created in the app within 48 hours.

Zcash (ZEC) is bouncing, up 2.4% after a rough start to the week. A draft proposal would pull 50,000 ZEC, around $50 million, out of the Zcash Community Grants treasury, with holders voting Nov. 16 to 30.

Render (RENDER), the decentralized GPU network, is down 3.1% as Nvidia slides.

Avalanche (AVAX) is up 2.0% as traders keep digesting Monday’s news that a clearing firm tied to a planned NYSE-affiliated tokenized securities platform will use its blockchain, pending regulatory approval.

DeFi is the soft spot. The CoinDesk DeFi Select Index (DFX) is down 1.6%, with aave AAVE$116.95, ether.fi (ETHFI) and ethena (ENA) all down between 2.5% and 3.3%. Monero (XMR) is weaker still, down 4.5%, the worst performer in the CoinDesk 100 although there’s no obvious catalyst for either.

Altcoin season looks a long way off. CoinMarketCap’s index is at 39 out of 100, down from 40 yesterday and far below the 75 that signals one, and the fear and greed index is at 26, in fear territory.

Crypto Daybook Americas - The latest moves in crypto markets, in context

Market analysis for crypto traders and investors.

Crypto Markets Today

Bitcoin$73,512.58 0.20%Aave$116.95 4.74%Ethereum$1,994.77 3.80%

1. 1Jupiter adds Anchorage-backed USDGO to its $1 billion Solana lending platform52 minutes ago

2. 2The next Congress will write rules for AI and emerging tech. They should use the stuff first.1 hour ago

3. 3Nvidia shares plunge as much as 14% as Jensen Huang resigns1 hour ago

4. 4Bitcoin weakness erases September's bullish signal3 hours ago

5. 5UK bank Griffin raises $20 million to expand into stablecoin payments3 hours ago

7. 7Polymarket trims workforce under investor pressure as Kalshi surges ahead4 hours ago

8. 8Nomura weighs Laser Digital sale as European losses hit four straight quarters5 hours ago

9. 9India’s financial crimes watchdog raids crypto exchanges CoinDCX and Delta over alleged illegal cross-border trades5 hours ago

10. 10Live updates: Bitcoin slumps below $72,000 as Nvidia's Huang resigns, interest rates surge6 hours ago

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

Commissioned byRealFi

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

#### Nvidia shares plunge as much as 14% as Jensen Huang resigns #### Canaan may sell more bitcoin for stock buybacks as mining-rig revenue falls 96% #### MSCI is dropping Strategy from its index, and the exclusion could hit its bitcoin-buying machine

#### Jupiter adds Anchorage-backed USDGO to its $1 billion Solana lending platform #### The next Congress will write rules for AI and emerging tech. They should use the stuff first. #### Nvidia shares plunge as much as 14% as Jensen Huang resigns

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