Over $1 billion in bullish bets wiped out as Bitcoin slides under $76,000
Bitcoin dropped below $76,000 on 5 November, its lowest level in seven weeks, as more than $1.1 billion of bullish derivatives positions were liquidated inside 24 hours during a tech-led selloff that spread from Wall Street into Asia. The cryptocurrency traded around $76,100 on 6 November, down roughly 5.2% over 24 hours, and later in the session around $75,495.91, according to the market daybook figures.
Leverage did most of the damage. More than $1.27 billion in crypto derivatives positions were liquidated in the 24 hours to 6 November, over $1.1 billion of them longs: forced closures of bullish bets as collateral ran out. The broad index tracking the twenty largest tokens lost 6.17% in the same window. Carlos Guzman, vice president of research at GSR, described the move as “a pullback in risk appetite amplified by leverage” .
A tech selloff found crypto through the front door
The trigger sat in equities. The Nasdaq Composite fell 5.5% on 5 November, its worst session since April 2025, and the Nasdaq 100 dropped 6.4% on a Bloomberg count, with chipmakers leading the declines after the Democratic midterm sweep raised fears of stricter scrutiny of the AI sector. The selling then carried into Asia, where South Korea’s Kospi fell as much as 8.8% on 6 November, enough to trigger a 20-minute trading halt.
Crypto was already fragile before the selloff: it had sunk to its October low near $83,000 as bond yields hit 24-year highs only a month earlier. Investors had pulled a net $1 billion from spot Bitcoin ETFs between the Binance hack and Wednesday, with BlackRock’s IBIT accounting for about $900 million of that, according to Bloomberg data, and spot funds recorded another $430.2 million of net outflows on 5 November. The bleeding follows hedge funds and banks cutting 68,000 BTC of spot Bitcoin ETF exposure as the carry trade faded. Institutional demand, in other words, offered no cushion while longs were being flushed.
The cascade also reset the on-chain picture. Glassnode’s analysts noted that a month ago nearly every coin held by short-term investors sat in profit, whereas most such coins now trade below their owners’ cost basis.
What traders are watching: $75,000 and the weekly close
Bitcoin has lost the 50-week EMA near $78,400 and is testing weekly support at $75,000, a level where a weekly close below the moving average typically signals a medium-term break in the bullish trend. Wintermute’s OTC desk flagged $73,000 and $68,000 as potential downside targets. Macro pressure is not helping: markets price roughly a 70% chance of a December Fed hike, and the United States added 165,000 jobs in October against an expected 59,000 to 65,000. For traders running crypto CFDs, the arithmetic is the lesson: a 5% spot move cleared $1.1 billion of longs in a day, so funding rates and open interest deserve as much attention as the chart.
