Key Facts

  • The S&P 500 and Nasdaq 100 have recovered above their Nov. 3 election-day closing levels, while Bitcoin remains about 5% below its own election-day close of $77,800, Glassnode said.

  • Stocks and Bitcoin fell together in the post-election sell-off that began Nov. 5, but their paths split on Nov. 9; Bitcoin fell further after Tuesday's CPI release and has stayed down since.

  • Bitcoin now trades near $74,000, below the Short-Term Holder Cost Basis of $75,600, the average price paid by buyers over the past 155 days, with about 35% of those coins still in profit.

The S&P 500 and Nasdaq 100 have recovered above their Nov. 3 election-day closing levels, while Bitcoin remains about 5% below its own election-day close of $77,800, Glassnode said.

Stocks and Bitcoin fell together in the post-election sell-off that began Nov. 5, but their paths split on Nov. 9; Bitcoin fell further after Tuesday's CPI release and has stayed down since.

Bitcoin now trades near $74,000, below the Short-Term Holder Cost Basis of $75,600, the average price paid by buyers over the past 155 days, with about 35% of those coins still in profit.

Bitcoin Fell Again After Tuesday's CPI Release

Stocks and Bitcoin sold off together on Nov. 5, in the broader pullback that followed the vote.

Bitcoin Trades Below Its Short-Term Holder Cost Basis

Bitcoin now trades near $74,000, below the Short-Term Holder Cost Basis of $75,600, the average price paid by investors who bought within the past 155 days, Glassnode said.

Resting buy orders within 5% of price have outweighed sell orders on Binance and Coinbase in every hour since the Nov. 5 sell-off, Glassnode said. The slide has also cleared most of the long liquidations built up since the September high, removing some of the fuel for a forced-selling cascade near current prices.

Separately from the gap with stocks, Glassnode said a reclaim of the $75,600 cost basis would support the view that Bitcoin's broader uptrend since August is still intact, while a sustained break below $73,000 would point to a longer consolidation instead.