Bitcoin dips with Nvidia as ETF outflows reach day five

Bitcoin BTC $73,512.58 is down 0.7% since midnight UTC at around $73,400, hovering near the day's low as a selloff in tech stocks spreads. Ether ETH $2,030.34 is down 0.5% at around $2,044 and the CoinDesk 80 Index is down 1%. Over 24 hours, bitcoin has lost 0.8% and ether 0.7%.

Nvidia turmoil triggers tech sell-off

Nvidia is the driver of the market decline, with shares down around 7% in pre-market trading after the New York Times reported that CEO Jensen Huang had a relationship with a company executive and the Wall Street Journal reported that the board is preparing to remove him. Nvidia has not announced a decision.

Nasdaq-100 futures are down 0.6%, giving back part of Wednesday's CoreWeave-led rally. The broader tech sector is under pressure as investors react to the uncertainty surrounding Nvidia's leadership.

Crypto ETF outflows continue

Crypto's lack of demand isn't helping as U.S. spot bitcoin ETFs lost $299.9 million on Wednesday, according to SoSoValue, a fifth straight day of outflows that adds up to around $1.44 billion since Nov. 5. BlackRock's IBIT accounted for $269.7 million of that, its ninth straight session of redemptions.

Derivatives market shows bearish sentiment

Crypto futures trading slows with volume falling 20.64% to $168.6 billion and open interest (OI) falling 2.92% to $125.8 billion. Liquidations fell 63.67% to $263.7 million, though longs made up 64.5% of the total.

BTC futures volume dropped 27.6%, with OI down 2.9% against a 0.6% price drop. Cumulative volume delta (CVD) is negative, indicating market orders skewed toward selling. ETH futures saw volume fall 37.2%, the sharpest drop among majors, while XMR funding rates reached approximately 80%, indicating longs are paying shorts heavily.