Bitcoin weakens in tandem with Nvidia, spot ETFs see net outflows of approximately $1.44 billion over five consecutive days.

November 12 — Affected by the sell-off in U.S. tech stocks, Bitcoin fell to an intraday low on Thursday and is now trading at around $73,400, down 0.7% from UTC midnight; Ethereum fell about 0.5% to around $2,044. Nvidia dropped about 7% in pre-market trading after reports that Jensen Huang had an extramarital affair with a company executive, while WSJ said the board is preparing to remove him from his position. Nvidia has not yet made a decision on the matter.

On the capital flow side, U.S. spot Bitcoin ETFs saw a net outflow of $299.9 million on Wednesday, the fifth consecutive trading day of net outflows, with cumulative outflows of about $1.44 billion since November 5. Among them, BlackRock's IBIT saw a single-day net outflow of $269.7 million and has faced redemptions for nine consecutive trading days.

In the derivatives market, cryptocurrency futures trading volume fell 20.64% to $168.6 billion over the past 24 hours, while open interest dropped 2.92% to $125.8 billion, indicating cooling trading activity and some capital withdrawal.

Total liquidations across the network fell 63.67% to $263.7 million, with longs accounting for 64.5%. Bitcoin futures open interest fell about 2.9%, trading volume dropped 27.6%, and active selling pressure remains dominant.