Bitcoin Price Slides Toward $73K as Nvidia Plunges 9% and MSCI Drops Saylor’s Strategy - Coinspeaker

Bitcoin traded at $73,588 on Binance Thursday morning, down 0.4% in 24 hours and 5.8% over the past week. The cryptocurrency's decline followed two major market developments after Wednesday's close. U.S. spot Bitcoin ETFs experienced their fifth consecutive day of outflows, losing $299.8 million on Wednesday alone, while Nasdaq futures fell 0.9%.

Tech Stock Tumble

The first shock came from Nvidia, the world's most valuable chipmaker. Reports emerged that CEO Jensen Huang had a second relationship with a senior employee, and the company's board was preparing to remove him as CEO. Nvidia had closed the day up 2.9% at $173.73 but plummeted to $157.99 within two hours, down 9.1%.

Bitcoin has traded closely with tech stocks this year, and it fell with them.

Nasdaq 100 futures dropped 1.1% during the same period, dragging Bitcoin lower. The chipmaker has lost approximately 15% since last Friday, when its board opened a probe into reports that Huang was the target of a foreign intelligence effort.

MSCI Removes Strategy

The second blow came from index provider MSCI, which confirmed it will remove Strategy, the largest corporate Bitcoin holder, from its global indexes after November 30. MSCI ruled that Strategy operates more like an investment fund holding Bitcoin than an operating business. Japan's Metaplanet and Upexi are also being removed.

Funds tracking these indexes will be forced to sell their Strategy shares, with JPMorgan estimating the selling could reach about $2.8 billion. Strategy holds approximately 13 million shares, representing 3.1% of its stock, which fell 1.8% before the open. This matters significantly for Bitcoin as Strategy is the steadiest corporate buyer of the cryptocurrency.

ETF Outflows Continue

The ETF selling began before either market shock. So far in November, seven of eight trading days have seen net outflows from U.S. spot Bitcoin ETFs. Only November 4 recorded positive flows of $74.6 million. Total outflows for the month amount to $1.88 billion, with $1.44 billion leaving in the last five days alone.

BlackRock's iShares Bitcoin Trust (IBIT) accounted for $1.77 billion of the total outflows, losing $269.7 million on Wednesday. While not a record, the current streak follows a 13-day outflow period in May and June that preceded Bitcoin's drop below $60,000.

Adding to the pressure, October's hot inflation report increased the odds of a December rate hike to about 97% on Polymarket. Higher rates make cash and bonds more attractive, potentially pulling more money from cryptocurrency funds.

Technical Analysis

Bitcoin currently trades above Tuesday's low of $72,727, its lowest price since August 20. On the daily chart, it sits below both its 50-day EMA at $78,696 and 200-day EMA at $76,422. Key resistance levels include Wednesday's high of $74,811 and the 200-day EMA. Support is at $73,390 (Wednesday's low) and $72,727.