Bitcoin Sinks Below $75,000 as ETFs Bleed $1.28B in a Week

Bitcoin limped into the weekend near $74,851, closing its weekly candle below both $75,000 and its 50-week moving average of roughly $75,500. The coin had traded above $80,000 on Wednesday before sliding toward $76,000 and briefly skidding to $73,000. The Crypto Fear and Greed Index dropped to 29, deep in fear territory.

Crypto funds took the brunt of the exit. Bitcoin ETFs shed $1.28 billion over the week, their heaviest weekly withdrawal since June, with more than $840 million pulled out on Thursday and Friday alone. Ethereum ETFs lost roughly $365 million, a sixth straight week of redemptions.

Wall Street had its own rough ride. US stocks erased close to $3 trillion in market value in a single trading session, with the S&P 500 down 2.7% for the week and the Nasdaq off 3.4%. Chip and AI names led the damage: Micron dropped 22%, Palantir 13%, Oracle and AMD about 11% each, and Nvidia roughly 9%.

Three forces drove the sell-off, per Coinpedia. October payrolls came in at 165,000 new jobs against expectations of 65,000, reviving bets the Federal Reserve keeps rates higher for longer or even hikes again in December. Fears that AI data centre expansion could face restrictions — a theme both major parties picked up on the campaign trail — also rattled investors, who remain unsure how fast the billions poured into AI infrastructure will pay off.

Coinpedia's read on the charts: a weekly close under $73,500 would firm up the bearish case, while a push back above $76,200 would lift short-term sentiment, and a break under $73,200 opens the door to deeper losses. The week's twin tests are US CPI inflation on November 10 — expected at 3.9%, up from 3.7% — and Nvidia's earnings on November 17.