Bitcoin's yen-denominated price fell below ¥11 million on the 13th, the first time in about three months. According to the NADA Bitcoin Real-Time Index (NBRI), it broke below the threshold shortly after 2 p.m. that day, down about ¥777,000 (6.6%) from 24 hours earlier. It was the first time the daily NADA Bitcoin Index (NBI) had fallen below ¥11 million since August 19 (¥10,242,171).
What rattled the market was a string of market-related announcements over the past few days. US semiconductor giant Nvidia (NVIDIA) said on the 12th US time that Jensen Huang had resigned as president and chief executive officer. The company's shares fell as much as 14% during the 12th's session, souring the mood across tech stocks and spilling over into selling of Bitcoin, a risk asset.
Index provider MSCI said on the 12th that it would remove US-based Strategy, a major Bitcoin holder, from its US standard indexes. In Japan, Metaplanet will be dropped from the constituents of the MSCI Japan Small Cap Index. Both changes are expected to take effect as of the close of trading on November 30, with investors focused on the mechanical selling pressure from index-tracking funds.
In overseas markets, US inflation data also weighed on prices. October's consumer price index rose 0.4% from the previous month, above the market forecast of 0.3%, strengthening expectations that the Federal Reserve will widen its rate increase at the December meeting of the Federal Open Market Committee (FOMC). US spot Bitcoin exchange-traded funds (ETFs) saw net outflows of $595.98 million (approximately ¥95 billion) over the three trading days through the 11th. Liquidations also swelled, with CoinGlass data showing total liquidations of more than $720 million (approximately ¥120 billion) during the same period, of which long positions accounted for more than $640 million (approximately ¥100 billion).
Rakuten Wallet senior analyst Yasuo Matsuda said in a report on the 13th that fundraising ahead of a large-scale listing by US-based Anthropic may be affecting the Bitcoin market.
Note: Total liquidations are compiled by CoinGlass. ETF outflows cover the three trading days through the 11th.
Bitcoin had been trading in a high range since late October, but the combination of weaker tech shares and tightening speculation made investors' risk-averse stance clear. With supply-demand conditions deteriorating due to the index exclusions, the market continues to search for a bottom.
