AI Sell-Off Hits Crypto Market as Bitcoin Stabilizes Awaiting Nonfarm Payrolls
nashnova research
The Nasdaq plunged 5.5% on AI-policy fears, dragging crypto down with it — over $1 billion in leveraged longs were liquidated. Bitcoin dipped to roughly $75,200 before stabilising, and all eyes now turn to today's payrolls report for the next directional cue.
How did this sell-off spill into crypto?
The trigger was equities: fears that a Democrat-controlled Congress would slow AI data-centre buildouts sent the Nasdaq down 5.5% on Thursday, and panic spread to crypto.
Bitcoin fell 5.3% in 24 hours; Ethereum dropped 7.3%. Per CoinGlass, over $1 billion in leveraged longs were force-liquidated.
This means → crypto didn't break on its own. It was a chain reaction from a sharp drop in equity risk appetite — and leveraged longs took the first hit.
Are ETF flows heading for the exits?
Per Farside Investors, Fidelity's FBTC saw ~$200 million in outflows on Thursday; BlackRock's IBIT lost ~$105 million.
IBIT has now posted net outflows for five consecutive trading days — the clearest institutional retreat signal in recent weeks.
This reflects institutions choosing to de-risk first and reassess later, not a fundamental shift in their long-term Bitcoin view.
What are derivatives signalling?
BTC open interest — the total value of unsettled contracts — edged up from $21.8 billion to $22.1 billion, but 24-hour liquidations hit $12.7 billion, with longs accounting for roughly $11 billion.
In plain terms = leverage went through a "flush and rebuild," not a net increase. Old high-leverage positions were wiped; new, lower-leverage ones are stepping in.
The options market has turned defensive: the put/call volume ratio sits at roughly 51/48; one-week 25-delta skew — a gauge of demand for downside protection — jumped from ~11% to ~15%, meaning traders are paying up for insurance.
Which tokens held up — and which didn't?
WLFI, the token of Trump-backed World Liberty Financial, bounced 3.5% but is still down ~10% since the midterms and over 66% year-to-date; the official TRUMP token hit an all-time low this week.
Privacy coins proved relatively resilient: Monero (XMR) fell just 3.2% in 24 hours, outperforming Bitcoin's 5.3%. Zcash (ZEC) activated its NU7 upgrade on Friday, cutting target block time from 75 seconds to 25 seconds.
CoinMarketCap's altcoin-season index dropped to 44/100, its lowest since September. This means → capital is rotating back from altcoins into Bitcoin and stablecoins, and speculative appetite keeps cooling.
What comes next?
The market's focus has shifted to the October non-farm payrolls report, due at UTC 13:30. Economists surveyed by FactSet expect 65,000 new jobs.
In plain terms = a stronger-than-expected print would suggest the economy can still absorb shocks, likely lifting risk assets; a weak number could trigger another leg down.
Binance's liquidity heatmap flags $74,000–$75,000 as key support below (heavy long-side liquidity clustering) and $76,800–$77,000 as the resistance to clear on any bounce — Bitcoin's near-term direction will likely be decided within this range.
市场有风险，内容仅供研究参考，不构成投资建议。