Crypto · $BTC/USD
Bitcoin Recovers $76,000 as Spot ETFs Shed $430 Million and Leveraged Longs Take the Brunt of the Tech Rout
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Crypto stabilized early Friday after Thursday's liquidations, but weak US demand signals and a jobs report keep traders cautious.
By Emma Cruz ·
Bitcoin climbed back above $76,000 early Friday after dipping below that level during Thursday's technology-led selloff, CoinDesk reported. The decline had erased the rebound that followed Wednesday's election results [1]. As of 5:15 a.m. ET, Dow Jones Newswires showed bitcoin trading above $76,500 [2].
The recovery came after a rough day for US-listed bitcoin funds. Spot bitcoin exchange-traded funds recorded $430.2 million of net outflows on Thursday, led by Fidelity's FBTC with $199.9 million and BlackRock's IBIT with $105 million. That reversed an inflow of $74.6 million on Wednesday, and net redemptions for the week through Thursday reached $869.8 million, according to CoinDesk [1].
Thursday's price action followed the stock market. The Nasdaq fell 5.5% and the S&P 500 fell 4.3%, while bitcoin was down more than 5.3% over 24 hours and the CoinDesk 20 index lost 6.28%, CoinDesk reported [1]. Analysts at FalconX and GSR linked the move to concern that a Democratic sweep in the midterms could slow construction of AI data centers [1].
Leveraged traders bore the heaviest losses. CoinGlass data cited by CoinDesk showed $1.26 billion of leveraged crypto positions were liquidated over 24 hours, of which $1.12 billion were long positions [1]. Long liquidations occur when prices fall and exchanges close out bullish leveraged bets, which can add selling pressure to a decline.
CoinDesk also pointed to signs of thin US demand even before the rout. Bitcoin futures open interest stayed roughly flat during Wednesday's rebound, and bitcoin traded at a discount on Coinbase relative to Binance, a pattern the report cited as evidence of subdued buying from US investors [1]. XS.com's Simon-Peter Massabni said asset managers are selling alternative holdings to "meet margin calls and deleverage portfolios" [1].
Wider markets offered a mixed backdrop. Dow Jones reported that Nasdaq futures were up about 1.8% and S&P 500 futures up 0.6% as of 5:15 a.m. ET, after Asian markets fell sharply, with South Korea's Kospi closing down more than 6%. The dollar rose and gold slipped below $4,100 an ounce [2].
The macro calendar is the next test. The October jobs report is due at 8:30 a.m. ET, and Dow Jones said a strong reading could raise the odds of a December Federal Reserve rate hike [2]. Rate expectations are one of the variables crypto traders will be watching alongside equities.
What to watch next: whether spot ETF flows turn positive again after the week's net redemptions, whether open interest rebuilds as leverage returns, whether bitcoin holds above $76,000 once US trading begins, and whether equity futures keep their early bounce.
Sources:
[1] CoinDesk, "Bitcoin recovers $76,000 level as ETFs shed $430 million after tech rout", November 6, 2026. https://www.coindesk.com/markets/2026/11/06/bitcoin-recovers-usd76-000-level-as-etfs-shed-usd430-million-after-tech-rout
[2] Dow Jones Newswires via MarketScreener, "Nasdaq Futures Rally After Asian AI Rout as Investors Brace for Jobs Day -- Update", November 6, 2026. https://www.marketscreener.com/news/nasdaq-futures-rally-after-asian-ai-rout-as-investors-brace-for-jobs-day-update-ce785fddd088ff20
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.