Crypto · $BTC/USD
Bitcoin ends Thursday just below $76,000 as ether drops 7.5% and futures open interest falls under $26 billion
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Crypto stayed under pressure after the AI-stock rout, with leveraged longs flushed and traders trimming bets on a December Fed hike.
By Emmanuel Cruz ·
Bitcoin ended Thursday's US session still just under $76,000, after a selloff in technology shares spread into digital assets and forced out leveraged bets. CoinDesk's live coverage showed the largest cryptocurrency just below $76,000 at 4:10 p.m. ET, down 5.2% over 24 hours, after it had traded near $78,850 at 9:42 a.m. and slid to about $75,800 by 11:03 a.m. [1].
Ether fared worse. It was down about 7% at roughly $2,250 by 11:03 a.m. and had extended its 24-hour loss to 7.5% by 4:10 p.m., CoinDesk reported [1]. A separate report from Bankless, published through Yahoo Finance, had bitcoin falling from above $80,800 to under $76,000 and put ether near $2,250, down 7.2% [2].
The damage showed up in derivatives. More than $1 billion of crypto derivatives positions were liquidated over the 24 hours through Thursday, mostly long positions, according to CoinGlass data cited by CoinDesk, the largest wipeout since October 28 and 29 [1]. Aggregate futures open interest dropped below $26 billion from about $28 billion earlier in the session, its lowest level since mid-September, according to Coinalyze figures also cited by CoinDesk [1]. Bankless likewise reported that bitcoin futures open interest fell under $26 billion for the first time since mid-September [2].
Crypto-linked equities were hit as well. At 10:24 a.m. ET, Strategy was down 8.3% at $129.32 and Coinbase was down 7.8% at $136.68, CoinDesk reported [1].
Analysts pointed first to the equity market. CoinDesk said the continued blowup of the AI trade led markets lower, with commentators citing weak AI growth figures, concerns about limits on data-center construction and heavy investor leverage [1]. Bankless noted that the Philadelphia Semiconductor Index had already dropped 15.4% in October, and said investors were pricing in a slower AI buildout after Texas governor-elect Gina Hinojosa won on a pledge to pause data-center construction. Texas accounts for more than a quarter of US data-center capacity slated through 2030, the report said [2]. Bankless added that bitcoin miners that have pivoted to AI hosting are absorbing both the crypto decline and the data-center backlash [2].
Crypto-specific demand looked thin even before the selloff. CoinDesk said bitcoin failed to hold above $80,500 after Tuesday's midterm elections, which Jasper De Maere of trading firm Wintermute read as a sign of weak short-term demand [1]. The same report cited stress among hedge funds, including Walleye returning capital to investors [1]. It also noted that the probability traders assign to a Federal Reserve rate hike in December had fallen to 69% from 95% in late September, as traders hedged [1].
Bitcoin's own levels now frame the next move. Bankless identified $76,000, the level that gave way on Thursday, and $80,800, the level the price fell from, as the reference points analysts were watching [2]. A drop in open interest means fewer leveraged positions are left to be liquidated, though it also reflects reduced participation.
The next scheduled catalyst is Friday's US employment report, which Yahoo Finance described as a key data point for markets after Thursday's selloff [3]. Yahoo Finance also cited a Washington policy analyst who expects the Clarity Act, the crypto market-structure bill, to stall before year-end [3]. Traders will be watching whether equities stabilize, since bitcoin tracked the Nasdaq lower on Thursday, and whether futures positioning rebuilds around the $76,000 area.
Sources:
[1] CoinDesk, "Live updates: Bitcoin drops more than 5% as stocks close out worst day since April 2025", November 5, 2026. https://www.coindesk.com/business/2026/11/05/live-updates-bitcoin-steady-around-usd80-000-as-markets-rally-after-democratic-sweep
[2] Bankless via Yahoo Finance, "Bitcoin Slides Under $76K as AI Stocks Crater After Midterms", November 5, 2026. https://finance.yahoo.com/markets/crypto/articles/bitcoin-slides-under-76k-ai-180804447.html
[3] Yahoo Finance, "Stock market today: Dow plunges 1,800 points, Nasdaq enters correction in AI trade meltdown", November 5, 2026. https://finance.yahoo.com/markets/live/stock-market-today-thursday-november-5-dow-sp-500-nasdaq-oil-rises-chip-stocks-141439950.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.