Bitcoin ended a rough week at its lowest level since mid-August. It fell as low as $66,789 on Coinbase on Friday evening New York time, and the Fear & Greed Index dropped to 13. On Saturday it traded around $67,273. That is a loss of roughly 10% to 11% on the week, from about $75,200. Ethereum slid under $2,000 and briefly touched the $1,875 to $1,880 area.
The sell-off had several causes at once. The headline event was outside crypto. Nvidia CEO Jensen Huang resigned as chief executive and stepped down from the board on November 12, and CFO Colette Kress became interim CEO. Nvidia dropped 13% on the week, its worst weekly fall since April 2025, and a gauge of large chip stocks lost 3.4%. Bitcoin has traded closely with tech stocks lately, so it followed. Other pressures were already in place. Bitcoinist pointed to a US dollar index above 103, higher odds of a December rate hike and six straight sessions of spot Bitcoin ETF outflows.
Leverage made the move sharper. CoinGlass counted about $1.47 billion in liquidations over 24 hours, roughly $1.31 billion of them long positions. Other trackers put the figure anywhere from $1.2 billion to $1.6 billion, depending on what they include.
ETF flows tell the same story. U.S. spot Bitcoin ETFs lost $1.07 billion in the week of November 9 to 13, after $1.28 billion the week before, for $2.35 billion over two weeks. Not everyone reads that as panic. Bloomberg ETF analyst Eric Balchunas said institutional outflows are small relative to the size of the funds and that investors appear to be holding existing positions despite the drop.
For Strategy, the week brought a decision that had been expected for months. MSCI published its November index review on November 11 with Strategy on the deletion list, effective at the close on November 30. Metaplanet and Upexi were also marked for removal, and SharpLink was placed on a watchlist. Strategy estimated during MSCI's consultation that funds tracking the affected indexes hold about 13 million of its shares, or 3.1% of the basic share count. JPMorgan estimated about $2.8 billion of selling from MSCI-tracking funds, and up to $8.8 billion if other index providers follow. The decision does not force Strategy to sell any bitcoin, and the stock stays listed on Nasdaq. Strategy has called the rule "discriminatory, arbitrary and misguided." The price level adds pressure of its own. As of November 8, Strategy held 850,364 bitcoin at an average cost of $75,456, which is now well above where bitcoin trades.
The macro calendar stays crowded. PPI, Nvidia's earnings and PCE inflation all arrive before the Fed's December 9 decision. Analysts watching the chart name $65,000 as the next target if current support gives way.
