Bitcoin Slides Alongside Nvidia as Spot ETF Outflows Extend to Five Days

Bitcoin declined 0.7% as technology stocks came under renewed selling pressure following reports that Nvidia’s board may be considering removing CEO Jensen Huang. Meanwhile, U.S. spot Bitcoin ETFs recorded another $299.9 million in withdrawals, extending their losing streak to five consecutive trading sessions.

Bitcoin (BTC) slipped approximately 0.7% since midnight UTC, trading near $73,400 and hovering close to its daily low as weakness across technology stocks weighed on broader markets. Ether (ETH) also fell 0.5% to around $2,044, while the CoinDesk 80 Index dropped 1%. Over the past 24 hours, Bitcoin has declined 0.8% and Ether has lost 0.7%.

Nvidia emerged as the main source of market uncertainty, with its shares falling approximately 7% in premarket trading. The decline followed a New York Times report concerning CEO Jensen Huang’s alleged relationship with a company executive and a separate Wall Street Journal report suggesting that the company’s board was preparing to remove him. Nvidia has not confirmed any leadership change.

Nasdaq-100 futures also declined 0.6%, reversing part of Wednesday’s recovery led by AI infrastructure company CoreWeave.

Persistent institutional selling has added to the pressure on cryptocurrencies. According to SoSoValue, U.S. spot Bitcoin ETFs recorded $299.9 million in net outflows on Wednesday, marking their fifth consecutive day of withdrawals. Total outflows since November 5 have reached approximately $1.44 billion.

BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $269.7 million of Wednesday’s withdrawals, extending its redemption streak to nine consecutive trading sessions.

Investors are also monitoring the latest U.S. initial jobless claims data, scheduled for release at 13:30 UTC, alongside any developments regarding Nvidia’s boardroom situation. The Federal Reserve’s next policy meeting is scheduled for December 8–9, with CME FedWatch data indicating approximately a 90% probability of an interest rate hike.

Crypto Derivatives Positioning

Futures activity loses momentum: Total cryptocurrency futures trading volume declined 20.64% over 24 hours to $168.6 billion, while open interest (OI) dropped 2.92% to $125.8 billion. The figures suggest reduced trading activity and capital leaving the derivatives market as traders closed positions. Liquidations fell 63.67% to $263.7 million, with long positions accounting for 64.5% of the total.

Bitcoin futures record capital outflows: BTC futures open interest declined 2.9% alongside a 0.6% price decrease, indicating capital withdrawals from the market. Trading volume contracted 27.6%, while cumulative volume delta (CVD) remained negative, suggesting market orders were tilted toward selling. Funding rates stayed moderately positive, meaning long traders continued paying short traders. Bitcoin recorded the largest liquidations among cryptocurrencies at $62.9 million.

Ether derivatives activity weakens: ETH futures also experienced capital outflows, with open interest declining 1.8% against a 0.6% price drop. Trading volume plunged 37.2%, representing the steepest contraction among major cryptocurrencies. Ether’s CVD remained relatively flat, indicating a balance between aggressive buying and selling. Funding rates were moderately positive, with long positions continuing to pay shorts.

Monero funding rates surge: The annualized average funding rate for privacy-focused Monero (XMR) perpetual futures across exchanges climbed to approximately 80%, significantly exceeding those of other major cryptocurrencies. The elevated rate indicates that bullish traders are paying substantial premiums to maintain leveraged long positions. Most other assets, including BTC and ETH, maintained moderately positive funding rates. GRAM, formerly known as Toncoin, was an exception, with negative funding indicating that short traders were paying longs.

Selling pressure dominates CVD readings: Open-interest-adjusted cumulative volume delta remained negative across most major cryptocurrencies, including Bitcoin, suggesting that aggressive market orders continued to favor sellers. This points to broadly bearish sentiment across the derivatives market. GRAM, NEAR, and ZEC were among the exceptions, posting positive readings.

DOGE and ZEC futures see withdrawals: Dogecoin futures open interest declined 5.9% alongside a 1.5% price drop, indicating substantial capital outflows. Zcash futures experienced a similar trend, with open interest falling 5.4% despite a relatively modest 0.4% price decline. However, ZEC maintained positive CVD, suggesting that market orders continued to favor buyers despite the reduction in outstanding positions.

Bitcoin options maintain bearish skew: BTC options skew, which measures the premium investors pay for put options compared with calls, remained positive and increased slightly to approximately 11% for one-week contracts. Meanwhile, one-week implied volatility eased to around 35%, down from 38% on Tuesday. Four of the six most actively traded contracts were calls, led by the $80,000 strike expiring December 25. The remaining two were puts at $73,000 and $74,000, both expiring November 13.

Ether options retain downside protection demand: ETH’s one-week options skew edged higher to approximately 12%, indicating that put options continued trading at a premium over calls. Four of the six most actively traded contracts were puts, although the busiest contract was a $2,200 call expiring November 20.

Cryptocurrency Token Developments

GRAM leads the CoinDesk 100: Gram (GRAM), the rebranded Toncoin, extended its strong performance for a second consecutive day, gaining 5.2% since midnight UTC. Interest surrounding Telegram’s expanding wallet ecosystem has supported the token. Earlier this week, founder Pavel Durov revealed that more than 700,000 wallets were created within the application over a 48-hour period.

Zcash stages a recovery: Zcash (ZEC) advanced 2.4% after experiencing a difficult start to the week. A draft proposal suggests withdrawing 50,000 ZEC, valued at approximately $50 million, from the Zcash Community Grants treasury. Token holders are scheduled to vote on the proposal between November 16 and November 30.

Render falls alongside Nvidia: Render (RENDER), which powers a decentralized GPU computing network, declined 3.1% as Nvidia’s stock weakness weighed on sentiment toward the broader AI and graphics-processing sector.

Avalanche moves higher: Avalanche (AVAX) gained 2% as traders continued assessing Monday’s announcement that a clearing firm associated with a planned NYSE-linked tokenized securities platform intends to use its blockchain, subject to regulatory approval.

DeFi tokens underperform: Decentralized finance remained one of the weakest areas of the cryptocurrency market. The CoinDesk DeFi Select Index (DFX) declined 1.6%, while Aave (AAVE), ether.fi (ETHFI), and Ethena (ENA) recorded losses ranging between 2.5% and 3.3%. Monero dropped another 4.5%, making it the weakest performer in the CoinDesk 100, despite the absence of an obvious catalyst.

Altcoin Season Remains Distant

Broader market indicators suggest that investors are still reluctant to move aggressively into alternative cryptocurrencies.

CoinMarketCap’s Altcoin Season Index slipped to 39 out of 100, compared with 40 the previous day. The reading remains significantly below the 75-point threshold generally associated with an altcoin season.

Meanwhile, the Crypto Fear and Greed Index stood at 26, keeping overall market sentiment firmly within the fear category.

About The Author

ctleditor

See author's posts