Bitcoin fell below $70,000 in Beijing trading on Nov. 13, reaching an intraday low of $68,307 after a rapid selloff in technology shares and a fresh wave of leveraged crypto liquidations. The move left Bitcoin down 7% over 24 hours and 15% for the week, its weakest level since Aug. 19 and a potential sixth consecutive weekly decline.
The immediate trigger came after Nvidia announced at 8:59 a.m. Eastern time that Jensen Huang had resigned as president, chief executive officer and board member, effective immediately. Nvidia shares opened down 14%, while Bitcoin fell through $73,000 shortly after the announcement and dropped below $72,000 within the first hour of U.S. trading.
The reaction placed Bitcoin alongside a wider retreat from assets most exposed to growth expectations and technology valuations. The Nasdaq Composite fell 0.63% to 25,306.18, spot gold declined 3.39% to $3,864.80, and the 10-year U.S. Treasury yield rose seven basis points to 5.07%. The U.S. Dollar Index reached 103.08, adding another headwind for dollar-priced assets.
Crypto entered the session already weakened by inflation concerns, sustained redemptions from U.S. spot Bitcoin ETFs and a shrinking stablecoin supply. The Nvidia shock accelerated those pressures, pushing a market that had been losing support into a more disorderly decline.
Nvidia-driven risk selloff reaches crypto derivatives
The selloff spread quickly across AI-linked equities. CoreWeave fell as much as 13.6%, Nebius declined 16.2%, and SanDisk traded between 6% and 8.5% lower. Broadcom gained 5.6% and AMD rose 3.7%, showing that traders were reassessing company-specific exposure rather than abandoning the semiconductor sector uniformly.
On-chain perpetual contracts tied to Nvidia also saw sharp losses. An NVDA perpetual contract fell 12% to $160.99 within minutes of the resignation news. One long position involving 9,959 contracts was liquidated for a reported $1.54 million loss, while another position valued at roughly $31 million showed a substantial unrealized loss.
Crypto derivatives amplified Bitcoin's decline. More than $1.46 billion in digital-asset positions were liquidated over 24 hours, including about $1.3 billion in long positions, according to the figures provided. In the 20 minutes after the Nvidia announcement, exchanges forcibly closed about $125 million of leveraged long positions as Bitcoin fell through $72,000.
Bitcoin futures open interest had already fallen 2.9%, while futures trading volume was down 27.6%. Yet open interest remained above $50 billion after the liquidation wave, leaving substantial leverage in the market despite the sharp clearing of long positions.
Ether briefly slipped below $2,000 before trading near $2,002, down 2.63% on the day. BNB fell 4.05% to $652.43, XRP declined 3.8% to $1.02, Solana dropped 3.48% to $80.94, and Dogecoin lost 4.96%. The total cryptocurrency market value fell 4.57% to $2.43 trillion, while Bitcoin's market dominance stood near 59.79%.
Bitcoin ETF redemptions add to selling pressure
U.S. spot Bitcoin ETFs recorded $299.9 million in net outflows on Nov. 11, extending their redemption streak to five trading sessions. Withdrawals since Nov. 5 totalled $1.44 billion, according to the fund-flow figures provided.
BlackRock's iShares Bitcoin Trust accounted for most of the Nov. 11 outflow, with $269.73 million in redemptions. Grayscale Bitcoin Trust recorded $39.13 million in net outflows, while Morgan Stanley's Bitcoin ETF attracted $8.96 million.
The iShares product had recorded nine consecutive trading days of net outflows since Oct. 30, totalling $2 billion. Its largest single-day redemptions during that stretch were $405.3 million on Nov. 2 and $403 million on Nov. 6.
The fund reported $58.71 billion in net assets and $64.54 billion in cumulative net inflows since launch. Across the U.S. spot Bitcoin ETF category, net assets stood at $93.7 billion, representing roughly 6.24% of Bitcoin's market value, or about 1.25 million BTC.
Weekly data through Nov. 7 showed a $1.28 billion category outflow, the largest since late June. That pushed 2026 year-to-date spot Bitcoin ETF flows to approximately negative $914 million after October redemptions of $515 million. Spot Ether ETFs also posted a net outflow of $144.81 million on Nov. 11.
The ETF withdrawals do not explain every intraday move, but they remove a previously steady source of demand while traders are also reducing exposure in futures markets. That combination has made rebounds more difficult to sustain.
Inflation and Fed expectations weigh on risk appetite
Macro data had already unsettled markets before the Nvidia announcement. The U.S. Bureau of Labor Statistics reported that October consumer prices rose 0.4% month over month, above the 0.3% consensus forecast. Core CPI increased 0.3%, compared with expectations for 0.2%.
Core inflation had also risen 0.3% in August and September. The Bureau of Labor Statistics did not publish year-over-year figures because data collection was disrupted by the 2025 government shutdown.
Energy prices increased 0.7% in October, food rose 0.5%, motor vehicle insurance gained 0.7%, and recreation advanced 0.8%. Gasoline was reported up 37.4% year over year. Bitcoin fell from $74,264 to $73,494 within five minutes of the CPI release and failed to recover the earlier level before the later break below $72,000.
Federal Reserve policy expectations tightened after the inflation release. The Fed raised its target range to 3.75% to 4.00% on Sept. 16, its first increase since 2023, and held that range on Oct. 28 in a 10-2 vote. Federal Reserve Governor Christopher Waller said a core CPI reading of 0.3% or higher would justify considering a 50-basis-point increase in December.
Market pricing after the October employment report placed the probability of a December rate hike between 75% and 80%, with traders weighing a 25- or 50-basis-point move at the Dec. 8-9 meeting. The two-year Treasury yield rose above 4.69% after the inflation figures.
Technical levels move into focus
Bitcoin traded around $71,393 after its initial rebound, remaining below its 20-day, 50-day and 200-day exponential moving averages. Those levels stood at $77,435.51, $78,904.51 and $76,229.59 respectively.
The price was also below the lower daily Bollinger Band near $72,953.74. The 14-day relative strength index stood at 34.2, while the hourly RSI reached 26.6, readings associated with heavily sold conditions but not a guarantee of an immediate reversal.
The $70,000 area has become the market's nearest psychological and technical threshold. A sustained break below it would turn attention toward the $65,000 zone, identified in the supplied market data as an earlier 2026 low area. On the upside, Bitcoin would need to regain the $72,950 level and then reclaim the moving-average range above $76,000 before the latest decline would begin to look less structurally damaging.
Worried by Bitcoin’s Nvidia-driven plunge? Discover key support levels and outlook in this market crash breakdown.
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