Bitcoin Erases Election Rally, Slides Toward $75,500 as Tech Stocks Crumble

Bitcoin's post-election glow is gone. The cryptocurrency topped $80,800 after Tuesday's US midterms, then slid toward $75,500 by Thursday, November 5, according to BeInCrypto. The rally lasted roughly a day.

Blame Wall Street. The Nasdaq dropped 5.5% as tech stocks took their worst beating in months. Nvidia shed 9.3% and AMD cratered 17.3%, with traders spooked by fears that Democrats — now holding both chambers of Congress — could restrict AI data-center construction. Bitcoin simply followed the stampede out of risk.

Leverage turned the slide into a rout. CoinGlass data showed $1.08 billion in crypto positions liquidated in 24 hours, about $954 million of it bullish bets. Binance perpetual futures open interest also shrank 7.1%, a sign traders were shutting positions rather than adding.

The spot tape flipped in a hurry. Whalio's Binance data showed $141.2 million more aggressive buying than selling on November 4, when buyers took 54% of volume. By late November 5, sellers outnumbered buyers by 10.8% of turnover over 24 hours — one of the sharpest selling imbalances of the past month.

Institutional signals were mixed. BlackRock's IBIT bled $201.2 million on Wednesday, its fourth straight day of withdrawals, but US Bitcoin ETFs still pulled in $74.6 million overall that day, mostly through Fidelity. CryptoQuant's Coinbase Premium Index slipped from −0.09% Wednesday to −0.19% early Thursday, hinting at softer US spot demand.

One wildcard: wallets tied to Trump Media moved 4,259 BTC, roughly $342 million, to Crypto.com. The transfer stoked selling chatter ahead of a November 30 debt repayment window, though no sale has been confirmed. Bitcoin is now testing $75,000 — a break could open the door to the 200-day moving average near $73,200. Reclaiming $80,000 and then the 30-day average around $81,300 is the path back, per Reuters' technical read.