Crypto · $BTC/USD
Bitcoin Miners Sit Between AI Data-Center Worries and a Weak Bitcoin Tape as Crypto Slides With Tech Stocks
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Miners that pivoted toward AI computing fell 15% to 20% on Nov. 5, and bitcoin touched its lowest level since Aug. 21 two days later.
By Noris Ortiz ·
Bitcoin's slide this week has coincided with a selloff in AI stocks, and one link between the two runs through bitcoin miners. On Thursday, Nov. 5, bitcoin fell to just below $76,000 as U.S. stocks suffered their worst session since April 2025, CoinDesk reported. Crypto miners dropped 15% to 20% and digital-asset-related stocks fell more than 10%, while ether lost 7.5% and XRP and Solana each lost 5.5% [1].
The reasoning, as CoinDesk described it, is that Democratic gains in the midterm elections raised the prospect of stronger political opposition to data-center construction, a concern for bitcoin miners that have shifted toward AI computing [1][2]. Democrats now control both chambers of Congress, and investors are weighing whether the AI buildout could slow [2]. Many miners have moved toward AI computing, a shift that exposes them to the same AI spending concerns that hit the wider tech sector [2].
Analysts offered different readings. FalconX's Joshua Lim said fresh selling returned as the implications of a slower data-center buildout came into focus, and he described the prior day's rally as short-covering [1]. GSR's Carlos Guzman described the move as "a pullback in risk appetite amplified by leverage" [2]. Wintermute's Jasper De Maere cautioned against overreacting to a single session and said crypto had held up relatively well [1]. Decrypt's reporting added a caveat of its own: stocks and tokens falling together does not by itself show that the equity selloff caused bitcoin's decline, and a stronger-than-expected October jobs report also raised expectations of a December Fed rate hike [3].
Leverage magnified the moves. CoinGlass data cited by Decrypt showed $1.05 billion in liquidations over 24 hours, with $930.04 million, or 88.2%, from long positions [3]. CoinDesk's Daybook put the figure at more than $1.27 billion over its own 24-hour window, with over $1.1 billion in longs [2]. The CoinDesk 20 index fell 6.17% in that period [2]. Spot bitcoin ETFs recorded $430.2 million in net outflows on Thursday, according to CoinDesk [2].
By Friday, bitcoin was trading near $75,570 after touching $74,780.91, its lowest intraday level since Aug. 21, Decrypt reported [3]. Its Fear and Greed Index reading was 28, approaching extreme fear and down from a neutral reading a week earlier [3]. CoinDesk noted that bitcoin had lost its 50-week exponential moving average, near $78,400, and was testing weekly support around $75,000 [2].
For the week ahead, the levels cited by analysts are specific. Decrypt listed support at $74,780, then the $73,000 to $72,500 area, then $70,000, with resistance near $76,497 and $80,000 [3]. Wintermute's De Maere pointed to $73,000 and $68,000 as potential downside targets and said bitcoin would need to reclaim and hold $80,000 to signal renewed strength [2].
The catalysts are largely outside crypto: macroeconomic data, signals on Fed policy and the next round of AI-related corporate results. Together they will test whether bitcoin keeps trading in step with technology shares or decouples from them.
Sources:
[1] CoinDesk, "Bitcoin tumbles to $76,000 as collapsing AI trade drags stocks sharply lower", November 5, 2026. https://www.coindesk.com/markets/2026/11/05/bitcoin-crypto-stocks-caught-in-ai-trade-meltdown-but-wintermute-trader-sees-glass-half-full
[2] CoinDesk, "Over $1 billion in bullish bets liquidated while ETF flows suggest no help in spot market", November 6, 2026. https://www.coindesk.com/daybook-us/2026/11/06/over-usd1-billion-in-bullish-bets-liquidated-while-etf-flows-suggest-no-help-in-spot-market
[3] Decrypt, "Crypto Liquidations Top $1 Billion as Bitcoin Tests 11-Week Low", November 6, 2026. https://decrypt.co/382717/bitcoin-price-11-week-low-crypto-liquidations-ai-stock
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.