Bitcoin fell 5.31% over 24 hours to USD 75,972.90 on November 6 as US spot Bitcoin exchange-traded funds recorded fresh withdrawals. The decline came alongside a sharp sell-off in US technology stocks that later spread to Asian markets, erasing much of the gains following the November 3 midterm elections.
Bitcoin briefly fell toward USD 75,100 during Thursday's trading session before recovering toward USD 76,000. Meanwhile, heavy liquidations of leveraged positions added to selling pressure across the cryptocurrency market.
According to Farside Investors, US spot Bitcoin ETFs recorded USD 430.2 million in net withdrawals on November 5. The outflows reversed the USD 74.6 million in net inflows recorded on November 4, bringing total withdrawals for the first four November trading sessions to USD 869.8 million.
Fidelity's FBTC led the withdrawals with USD 199.9 million, followed by BlackRock's IBIT at USD 105 million. Grayscale's GBTC recorded USD 49.9 million in outflows, while Franklin Templeton's EZBC lost USD 32.9 million.
No tracked fund recorded net inflows during Thursday's session. Fidelity's FBTC had attracted USD 236.7 million just a day before, showing a reversal in fund activity as Bitcoin prices declined.
US stocks recorded heavy losses on November 5 as investors assessed concerns about future artificial intelligence infrastructure spending following Democratic victories in the midterm elections.
The Nasdaq Composite declined 5.5%, while the S&P 500 fell 4.4%. The Philadelphia Semiconductor Index dropped 12.2%, reflecting selling pressure across semiconductor companies. The Nasdaq also entered correction territory after falling more than 10% from its previous peak.
Investors raised concerns that changes in congressional leadership could bring tighter rules for AI infrastructure development. However, these concerns reflected expectations about future policies rather than confirmed regulatory changes.
The selling extended into South Korea on Friday, where the KOSPI dropped more than 8% shortly after trading opened. The decline triggered a 20-minute trading halt before the index recovered some losses to close 6.02% lower at 5,059.69.
Meanwhile, South Korean authorities announced temporary relief from margin-loan collateral requirements to reduce forced selling. The three-month measure is scheduled to begin Monday.
According to CoinGlass, approximately USD 1.26 billion in leveraged positions faced liquidation across the broader cryptocurrency derivatives market over 24 hours.
Long positions accounted for roughly USD 1.12 billion, showing that traders betting on rising cryptocurrency prices suffered most of the forced closures.
Bitcoin recorded approximately USD 335 million in liquidations, including nearly USD 300 million from long positions. The forced closures accompanied the price decline as leveraged traders faced margin requirements.
Bitcoin traded near the USD 75,000 to USD 76,000 support zone on Friday. Its 50-week simple moving average stood around USD 75,733, placing the cryptocurrency close to a longer-term technical level.
A sustained break below USD 75,000 could expose the next support area near USD 74,000. However, if Bitcoin maintains its position above USD 75,000, buyers could attempt a recovery toward USD 77,900.
Traders are also watching the next US spot Bitcoin ETF flow figures to assess whether institutional withdrawals continue. A recovery in fund inflows would mark a change from Thursday's selling, although future price movements remain uncertain.
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