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Bitcoin rose about 0.2% to around $76,150 from midnight UTC on Nov. 6, following a Thursday selloff that spread from technology stocks into crypto. Traders were watching the U.S. jobs report due at 8:30 a.m. ET, while spot bitcoin ETFs recorded further outflows and derivatives data showed heavy liquidations and demand for downside protection.
Bitcoin edged up about 0.2% to around $76,150 from midnight UTC on Friday, Nov. 6, after a sharp Thursday selloff linked to investor concerns about artificial-intelligence infrastructure spending spread from U.S. stocks into crypto. Traders were turning to the October U.S. jobs report, scheduled for 8:30 a.m. ET, for a fresh economic signal.
Bitcoin had fallen to about $75,200 near 23:00 UTC Thursday before recovering modestly. Ether gained about 0.3% after falling 7.3% over the preceding 24 hours, while the CoinDesk 80 Index rose 0.2% from midnight UTC. The CoinDesk Memecoin Index was up 4% over that period. These short-term gains followed a broader decline rather than establishing a sustained recovery.
The selloff followed a 5.5% drop in the Nasdaq Composite on Thursday. The source report linked investor concern about the pace of AI data-center construction to expectations that Democratic control of Congress could slow the buildout. Crypto prices also came under pressure: CoinGlass data cited by CoinDesk showed $1.27 billion in liquidations across crypto derivatives over 24 hours, including about $1.1 billion in long positions.
U.S. spot bitcoin funds saw further withdrawals on Thursday. Farside Investors data cited in the report put outflows at about $200 million from Fidelity’s FBTC and $105 million from BlackRock’s IBIT, extending IBIT’s outflow streak to five sessions. FactSet-polled economists expected October payrolls to increase by 65,000; that figure was a forecast, not a reported result.
Jobs Data Meets Crypto Market Stress
The jobs report could shift expectations about the U.S. economy and interest rates, which investors use when pricing risk-sensitive assets. But the source material does not establish how Bitcoin will respond to any particular payroll result. The immediate issue is that the market is entering the release after a sharp cross-asset decline, heavy liquidations and continued withdrawals from prominent spot bitcoin funds.
Derivatives figures point to fragile positioning, not a settled direction. Bitcoin open interest rose to $22.1 billion from $21.8 billion, while liquidations were substantial. CoinDesk’s account says the increase masked churn: leveraged positions were cleared and then rebuilt, rather than simply reflecting fresh leverage added to the market. Options trading also leaned toward protection against further declines, with puts slightly ahead of calls in 24-hour volume and the one-week 25-delta skew rising to about 15% from roughly 11% a week earlier.
That combination matters to readers because renewed price swings can trigger more forced position closures. It does not, on its own, predict the next move. Crypto assets are volatile, and investors can lose some or all of the money they put at risk.
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From Nasdaq Losses to Bitcoin Outflows
The reported sequence began with Thursday’s sharp fall in U.S. technology shares. CoinDesk attributed the Nasdaq decline to worries that political control of Congress could affect the construction of AI data centers. The report connected that market move with losses in crypto and more than $1 billion in reported leveraged liquidations over 24 hours. It did not establish that the political outlook alone caused either market’s decline.
Bitcoin’s modest bounce on Friday came alongside continued ETF withdrawals, a sign that the trading-session recovery did not coincide with an end to reported fund outflows. IBIT’s five-session withdrawal streak and Thursday’s figures for FBTC and IBIT are specific to those funds and that reporting period; they do not describe every investor’s activity or establish the reason for each withdrawal.
Other token moves were mixed. World Liberty Financial said it planned additional WLFI token buybacks, partly funded by fees from reserves backing its USD1 stablecoin. WLFI rose about 3.5% from midnight UTC, but remained down more than 66% for the year, according to the report. Monero fell 3.2% over 24 hours, less than Bitcoin’s 5.3% decline over that same period. Those comparisons describe recent price performance and do not establish a durable difference in risk.
“Fidelity’s FBTC lost around $200 million and BlackRock’s IBIT $105 million on Thursday.”
— CoinDesk, citing Farside Investors
Payroll Results and Price Direction
At the time covered by the report, the October payroll result had not yet been released. The 65,000 figure was an economist forecast, and the source provides no actual jobs number or market reaction to the eventual release. It is also unclear whether Bitcoin’s small overnight gain would hold after the data or whether the reported ETF outflows would continue.
The report describes concern about AI infrastructure spending and political control as drivers cited for the stock-market decline, but it does not quantify their individual effects on Bitcoin. Nor does it establish that derivatives positioning or ETF flows will determine the next price move. The cited liquidation totals and trading indicators are snapshots over specified periods, and can change as positions are opened or closed.
October Payrolls Set the Next Test
The next scheduled event in the report was the U.S. October jobs release at 8:30 a.m. ET, or 13:30 UTC, on Nov. 6. Traders were expected to compare the result with the FactSet-polled forecast of 65,000 payroll gains. The report does not provide a later result, so the effect of the data on Bitcoin remains unknown.
Market participants will also be watching whether spot bitcoin ETF withdrawals persist, whether derivatives activity stabilizes after the liquidations, and whether Bitcoin holds near the levels reported around $75,000 to $76,000. These are points to monitor, not confirmed outcomes or price targets. Any subsequent move will depend on trading and new information beyond the snapshot available in the report.
Key Questions
Why did Bitcoin fall before Friday’s modest recovery?
CoinDesk linked Thursday’s crypto selloff to a 5.5% Nasdaq Composite decline amid investor concerns about AI data-center spending and the possibility that Democratic control of Congress could slow the buildout. The report does not establish that this was the only cause of Bitcoin’s drop.
What was expected in the U.S. jobs report?
FactSet-polled economists expected October payrolls to rise by 65,000. That was a forecast before the release; the source material does not give the actual result.
How much did the named bitcoin ETFs lose on Thursday?
According to Farside Investors data cited by CoinDesk, Fidelity’s FBTC had about $200 million in outflows and BlackRock’s IBIT had about $105 million. IBIT’s outflow streak reached five sessions.
What do the liquidation figures show?
CoinGlass data cited by CoinDesk showed $1.27 billion in crypto liquidations over 24 hours, including about $1.1 billion in long positions. These figures describe forced closures during that period and do not predict future prices.
Does Bitcoin’s small gain mean the selloff is over?
No. The report records a roughly 0.2% rise from midnight UTC after Bitcoin had fallen sharply, but it does not establish that the market decline has ended. Crypto prices can move sharply, and investors face a risk of loss.
Source: coindesk.com
