Bitcoin fell into the $71,000 range, hitting its lowest level in nearly three months. The resignation of Nvidia CEO Jensen Huang heightened uncertainty surrounding the artificial intelligence (AI) sector, while a sharp rise in international oil prices and continued institutional outflows added to the pressure, further dampening investor appetite for risk assets.
As of 8:10 a.m. on Nov. 13, Bitcoin was trading at 96.66 million won, or approximately $72,329, on domestic cryptocurrency exchange Bithumb, down 0.40% from 24 hours earlier and breaking below the 100 million won threshold. The decline was also pronounced in global markets. According to CoinMarketCap, Bitcoin was trading at around $71,400, down approximately 4% over the previous 24 hours and marking its lowest level since Aug. 20.
Nvidiaโs leadership shake-up is seen as one factor behind the sharp decline. Former CEO Jensen Huang resigned following a series of reports alleging inappropriate relationships, and the companyโs board appointed Chief Financial Officer Colette Kress as interim CEO. Huang also stepped down from the board of directors. The departure of a central figure who had driven enthusiasm for AI investment unsettled sentiment toward technology stocks, sending major U.S. stock indexes lower and spreading risk aversion to the cryptocurrency market. A sharp rise in international oil prices also contributed to the selloff on Wall Street.
Supply-side pressures have added to the headwinds. U.S. spot Bitcoin exchange-traded funds (ETFs) recorded a net outflow of $299.9 million on Nov. 11 alone. With funds flowing out for five consecutive trading days, cumulative net outflows over that period reached approximately $1.44 billion. Separate data put cumulative outflows at roughly $2.5 billion since Oct. 30. Further weighing on sentiment, global index provider MSCI decided to remove Strategy, the worldโs largest corporate holder of Bitcoin, from its MSCI USA and MSCI World indexes. The move, scheduled to take effect after the market close on Nov. 30, has raised concerns that passive funds tracking the indexes could be forced to sell their holdings.
The political shift following the U.S. midterm elections has also added to downside pressure. With Democrats set to take control of both the Senate and the House of Representatives next year, concerns have emerged over potential policy clashes between the cryptocurrency-friendly Trump administration and the incoming Congress. The uncertainty has coincided with large-scale liquidations in derivatives markets. More than $750 million in positions were forcibly liquidated over the past 24 hours, including more than $634 million in long positions betting on rising prices.
While selling pressure has been pronounced in derivatives markets, spot markets have remained relatively resilient, according to some analysts. Dean Chen, an analyst at cryptocurrency exchange Bitunix, said in a recent report that the cumulative volume delta (CVD), a measure of the balance between aggressive buying and selling in futures markets, had turned sharply negative. Open interest had also declined. These indicators suggest that leveraged positions are being unwound, he said, although market participants remain divided in their positioning.
Investor sentiment has cooled sharply. The Crypto Fear & Greed Index is in the mid-20s, firmly within the โFearโ zone. In South Koreaโs domestic market, total digital asset market capitalization fell 3.40% from the previous day, while trading value rose more than 16%, indicating heightened volatility. The so-called kimchi premium, which measures how much higher Bitcoin trades in South Korea than on overseas exchanges, was estimated at between 1.2% and 1.5%.
Analysts say the market lacks sufficient support to prevent further near-term declines. Caroline Moron, co-founder of cryptocurrency derivatives trading firm Orbit Markets, told Bloomberg that $70,000 was the next key price level to watch.
