Bitcoin Drops 5.5% as ETF Outflows and Nvidia Turmoil Clobber Crypto

Bitcoin fell roughly 5.5% over the week, sliding from $74,979 to $70,880, while Ethereum gave up about 5.4%, dropping from $2,124 to $2,010, according to WazirX's weekly market snapshot. Both coins are pressing into key support zones, and the exchange warns that stretched selling momentum can spark quick rebounds without proving the downturn is over.

The macro backdrop is doing crypto no favors. US inflation climbed 0.4% month-on-month, and solid hiring kept expectations alive that interest rates stay high or climb further. The US 10-year Treasury yield pushed from about 4.88% to above 5.1%.

Nvidia added its own shockwave. Jensen Huang resigned, with CFO Colette Kress named interim CEO, and the stock shed about 11% in the week through Thursday, 12 November, leaving it more than 30% below its October peak. Thursday's session saw Nvidia tumble as much as 14% before closing 4.3% lower, while AMD jumped 5.9%, Broadcom gained 5.5% and the Nasdaq Composite ended down 0.39% — a hint that money is rotating between chipmakers rather than fleeing stocks.

ETF flows are the other drag. US spot Bitcoin ETFs logged about $300 million in withdrawals on Wednesday, a fifth straight losing session that pushed cumulative outflows over the stretch to roughly $1.44 billion. Nearly $270 million of Wednesday's redemptions came from BlackRock's IBIT, and roughly $424 million left Ethereum ETFs across four reported sessions.

On the charts, Bitcoin's indicative support sits at 70,500, then 69,000, with a reclaim of 73,000 needed to improve its short-term structure. Ethereum holds support at 2,000 against resistance at 2,120 and then 2,150. The RSI reads near 29 for Bitcoin and 28 for Ethereum, deep in oversold territory that can still persist. Rajagopal Menon, VP at WazirX, cautioned that futures risk means calling direction right but getting forced out before the move lands: traders should size positions around the loss they can absorb, keep leverage manageable and allow for slippage when markets move quickly.