Bitcoin dips below $75,000 as $2B in losses stack up and hot jobs data bites

Bitcoin holders dumped more than $2 billion in realized losses across three days, and the bleeding is showing up right on the order books. The coin briefly knifed below $75,000 on Friday as a tech-stock rout bled straight into digital assets. Spot selling now rules the tape on Binance and Coinbase — and if a key support level gives way, $70,000 is the next stop.

CryptoQuant analyst Darkfost put the daily damage at $657 million to $703 million in realized losses over the past three days, according to CryptoSlate. Even so, weekly net realized profit and loss sat at negative $191 million, meaning other holders were still booking gains. The pain accelerated once Bitcoin lost $80,000 and is closing in on levels last seen during early August's slump.

The exchange data backs it up. Darkfost's 30-day moving average of spot net volume delta — aggressive buying minus aggressive selling — flipped negative on both Binance and Coinbase. At the end of August, Binance read positive $64.8 million and Coinbase positive $64.3 million as Bitcoin climbed from $63,000 toward $85,000. By Nov. 5, those numbers had reversed to negative $28 million and negative $9.4 million. Coinbase cracked first in October; Binance held out longer, then joined in.

Macro didn't help. Thursday's equity selloff hammered the S&P 500 for 4.36% and the Nasdaq Composite for 5.52%, fueled by worries over AI valuations and possible data-center restrictions after the Democratic midterm sweep. Then Friday's jobs report landed: 165,000 positions added in October, more than double the 65,000 economists expected, with unemployment easing to 4.1% from 4.2% and August-September revisions adding 84,000. Reuters reported futures traders pushed the odds of a quarter-point December rate hike to roughly 80%, up from 75%, and the 10-year Treasury yield climbed to about 4.88%.

CryptoQuant research head Julio Moreno flagged two structural problems: fading Bitcoin demand and shrinking stablecoin liquidity. Without fresh spot buying or capital inflows, more selling could hit a market with too few buyers to catch it. Sygnum CIO Fabian Dori told CryptoSlate the longer end of the Treasury curve is the thing to watch for signs of tighter financial conditions.

Analysts have drawn their lines. Bitget's Lewis Huang named $76,500 as near-term support, warning that a sustained break — especially with yields rising and the dollar strengthening — could deepen the correction. Darkfost sees $75,000 as the bigger deal: lose it, and Bitcoin heads toward $70,000, where a heavy cluster of investors bought in. That cost-basis crowd could soak up supply, or get steamrolled by it. Spot trading flow and stablecoin liquidity are the next tells.