Bitcoin Crashes to $69,000 as ETF Outflows, Nvidia Shake-Up and Iran Tensions Pile On

Bitcoin is sitting at $69,000, and Ethereum and XRP slid as much as 6% over the past 24 hours. Seven separate pressures converged on crypto at the same time to drive the selloff.

The Dollar Index climbed above 103, its highest level since April 2025 and up nearly 2% since early October, as the odds of a Fed rate hike strengthen, CoinDesk reported. A hotter-than-expected October CPI reading earlier this week pushed up the chances of a half-point December hike, squeezing liquidity-sensitive assets like crypto. On top of that, Iran's IRGC said it destroyed a US early-warning radar in Bahrain in response to an airstrike on a telecoms tower in Sirik, according to the semi-official Tasnim news agency, which called it a serious warning and demanded an end to aerial provocations and oil smuggling in the Strait of Hormuz.

Nvidia CEO Jensen Huang resigned as president, CEO and board member, effective immediately, ending a 33-year run at the company he co-founded. CFO Colette Kress steps in as interim CEO while the board searches for a permanent replacement. President Donald Trump told broadcaster Stephen A. Smith that Huang called him the day before resigning and expressed remorse over the scandal's impact on his family. NVDA shares fell more than 10%.

MSCI will remove Strategy from its global indexes on Dec. 1 after deciding the company resembles an investment fund rather than an operating business, as Benzinga reported. Strategy warned the exclusion could force $2.8 billion in liquidation, while JPMorgan estimates outflows could reach $8.8 billion if other providers follow. MSTR shares fell roughly 7%.

US spot Bitcoin ETFs have lost $1.44 billion over five straight sessions, including $299.90 million on November 11, since their last inflow of $74.57 million on November 4, according to SoSoValue. Total net assets dropped to $93.70 billion from $102.26 billion, though outflows explain only about 17% of that fall, with falling prices accounting for the rest. Lingering fallout from the Binance hack is adding further uncertainty.

Democrats won both chambers in the Nov. 3 midterms and take control in January 2027, putting the CLARITY Act's future in limbo after it failed a 49-50 Senate cloture vote in September. If the bill stalls through year-end, it effectively restarts under Democratic control, pushing regulatory clarity potentially into 2027 or beyond.