Why Bitcoin Fell Below $75,000 in November 2026

How far has bitcoin fallen in November 2026?

Bitcoin, the largest cryptocurrency, slipped below the round $75,000 mark on Friday 6 November 2026, its first time under that level since August, according to Dow Jones Newswires ^[3]. It fell about 5% on Thursday 5 November, as US technology stocks sold off heavily that week ^[3]; Decrypt dates a 5.5% fall in the Nasdaq Composite to 5 November ^[5]. On Monday 9 November it was trading around $74,162 ^[3].

The slide deepened later in the week. On Thursday 12 November bitcoin traded as low as about $71,200, its lowest level in nearly 12 weeks, and was down 3.4% at about $71,600 when The Block published its report ^[4]. Ethereum, Solana and XRP also fell more than 3.5% over the same 24 hours ^[4]. More than $750 million of leveraged crypto positions were liquidated in that period, over $634 million of them bets on rising prices, according to CoinGlass data cited by The Block ^[4]. A liquidation is the forced closing of a borrowed position when the trader's collateral runs out.

These are snapshots. Bitcoin trades around the clock on many exchanges, so a price quoted without a time and a source can be wrong within minutes. This guide gives each figure with its date and its source, and none of them is a forecast.

For the basics of how bitcoin works, how new coins are created and why its supply is capped, see the guide What Is Bitcoin? on this site.

What are bitcoin ETF outflows, and how big were they?

A spot bitcoin exchange-traded fund (ETF) is a fund listed on a stock exchange that holds bitcoin itself, so investors can buy exposure through an ordinary brokerage account. The US Securities and Exchange Commission (SEC) approved the listing of the several spot bitcoin exchange-traded products on 10 January 2024 ^[13]. The SEC chair stressed at the time that the approval did not approve or endorse bitcoin, which he called primarily a speculative, volatile asset ^[13].

An outflow means that, across a day or a week, investors took more money out of these funds than they put in. Analysts watch the figure because the funds are seen as a proxy for institutional demand ^[2].

The week of 2 to 6 November

Farside Investors, which publishes daily flow data for each US spot bitcoin ETF, recorded net flows of minus $398.6 million on 2 November, minus $115.6 million on 3 November, plus $74.6 million on 4 November, minus $430.2 million on 5 November and minus $411.9 million on 6 November ^[1]. That adds up to a net outflow of $1,281.7 million for the week ^[1]. CoinDesk, using data from SoSoValue, gave the same total of $1.282 billion and said it was the largest weekly outflow since the week of 22 to 28 June ^[2]. Four of the five trading days were negative ^[2].

The selling was concentrated in one fund. BlackRock's iShares Bitcoin Trust (IBIT) had net outflows on all five days, totalling about $1.21 billion, while Fidelity's FBTC had net inflows on 3, 4 and 6 November, by Farside's table ^[1].

After 6 November

Outflows did not stop. Farside's data shows minus $201.0 million on 9 November, minus $95.0 million on 10 November and minus $299.8 million on 11 November ^[1]. Decrypt, citing SoSoValue, reported $1.44 billion of outflows over the five trading days from 5 to 11 November and $1.88 billion in November so far ^[5]. When Decrypt reported on 12 November, the funds' total net assets had fallen to $93.7 billion, about 45% below their October 2025 peak of $169.5 billion, as both outflows and lower prices reduced them ^[5].

Why did the bitcoin price fall?

No single cause has been proven. The reports describe several pressures that arrived together. They are listed here as reported explanations.

1. Expectations of higher US interest rates

Higher interest rates tend to weigh on assets that pay no yield, such as cryptocurrencies, Dow Jones noted ^[3]. Dow Jones reported that stronger-than-expected US jobs data on Friday 6 November raised expectations that the Federal Reserve would raise rates ^[3]. The October consumer price index (CPI), published on 10 November, then showed prices up 0.4% in a month and core prices, which exclude food and energy, up 0.3% ^[9]. Reuters reported that both figures were above economists' forecasts and that the report cemented expectations of a rate rise in December ^[10]. Markets were pricing a roughly 89% chance of a quarter-point rise at the December meeting, according to CME Group's FedWatch tool as cited by Reuters ^[10].

2. The technology-stock selloff

US technology stocks fell heavily in the week of 5 November, and bitcoin followed ^[3]. Decrypt reported that on 5 November, the day the Nasdaq Composite fell about 5.5%, bitcoin ETFs had net outflows of about $430 million ^[5]. On 12 November The Block linked a further drop to the abrupt resignation of Nvidia's chief executive, Jensen Huang ^[4]. The selloff in chip and AI stocks is covered in a separate guide on why chip and AI stocks plunged on 5 November 2026.

3. Weak demand from new buyers

Analysts quoted by Decrypt said the bigger worry was a shortage of new buyers. BitGo's head of research said the supply of dollar-pegged stablecoins shrank 1.9% to $286.3 billion, suggesting little fresh capital was waiting to enter ^[5]. He also said a hedge-fund strategy known as the basis trade, which bought ETF shares while selling futures, had become less attractive, prompting many funds to exit ^[5]. Stablecoins such as USDT are explained in the guide What Is USDT? on this site.

4. Industry-specific worries

Dow Jones reported that the sector had endured a difficult 10 days after a $6.3 billion hack of the crypto exchange Binance, and that some investors feared the Democratic election gains could bring greater scrutiny of the crypto industry ^[3]. These are investor fears as reported, not measured effects.

Is bitcoin below Strategy's cost basis?

Strategy is a US company that holds bitcoin as a corporate treasury asset ^[12]. Its cost basis, the average price it paid per coin, is a reference point for whether its holding is above or below what it paid.

According to Strategy's filing with the SEC dated 9 November 2026, the company held 850,364 bitcoin as of 8 November, bought for an aggregate $64.16 billion, an average of $75,456 per bitcoin including fees ^[7]. In the week of 2 to 8 November it bought 1,036 more bitcoin at an average of $79,012, using proceeds from selling its common stock, and spent $188.3 million repurchasing its STRC preferred stock ^[7].

The figure of $76,052 that circulated in some reports is out of date. It was Strategy's average cost as of 1 February 2026, when it held 713,502 bitcoin ^[8]. With bitcoin near $71,600 on 12 November ^[4], the price was about 5% below the $75,456 average. On that price, the holdings would be worth roughly $3.3 billion less than they cost; this is this guide's own arithmetic, not a company figure.

A second Strategy event is dated. Index provider MSCI announced on 11 November 2026 its final list of companies affected by its new rule for non-operating companies, effective as part of its November 2026 index review ^[11]. Reuters reported that Strategy, Tokyo-listed Metaplanet and UK-based uranium buyer Yellow Cake would be removed from the MSCI USA and MSCI World indexes on 1 December ^[12]; The Block gave 30 November for the same change ^[4]. Passive funds that track those indexes hold the shares, so removal can trigger selling ^[12]. Reuters noted that Strategy had warned an exclusion could lead to $2.8 billion of its stock being sold ^[12]. That selling would fall on Strategy's shares, not directly on bitcoin.

What does the Crypto Fear and Greed Index show?

The Crypto Fear and Greed Index, published by Alternative.me, rates bitcoin market sentiment from 0 (extreme fear) to 100 (extreme greed) ^[6]. It combines volatility (25%), market momentum and volume (25%), social media activity (15%), surveys (15%, currently paused), bitcoin's share of the crypto market (10%) and Google search trends (10%) ^[6].

Its daily values show the index at 25, classed as extreme fear, on 7 November 2026 ^[14]. It was 32 on 10 November, the day of the CPI release, and 28 (fear) on 12 November ^[14]. A week earlier, on 5 November, it had read 50, or neutral ^[14].

The index is a summary of market mood, not a measure of value. Alternative.me itself presents extreme fear as a possible sign that investors are too worried ^[6]; that is the publisher's interpretation, not a forecast.

Do the sources agree on the figures?

Mostly, with differences worth knowing before citing a number:

• Weekly ETF outflow: Farside's daily figures sum to $1,281.7 million ^[1]; CoinDesk, using SoSoValue, gives $1.282 billion ^[2]. Both round to $1.28 billion.
• How unusual the week was: CoinDesk says it was the largest weekly outflow since the week of 22 to 28 June ^[2]. Farside's data for 22 to 26 June shows a larger outflow of about $1.79 billion that week ^[1], so the claim refers to the period since then.
• Strategy's cost basis: $75,456 as of 8 November ^[7], not the February figure of $76,052 ^[8].
• The Fear and Greed reading of 25: that was the value on 7 November ^[14], not on the CPI day of 10 November, when it was 32 ^[14].
• Bitcoin's price: exchanges and data sites quote slightly different prices at the same moment. This guide uses the prices reported by Dow Jones ^[3] and The Block ^[4] with their dates.

What do ETF outflows mean for ordinary investors?

ETF flows are one visible sign of how large investors are positioned, but they are only part of the market. Several points help keep them in proportion:

• Size relative to the total. A HashKey researcher told Decrypt that the five-day outflow was about 2.6% of the funds' $55.1 billion in cumulative net inflows, which he called far from a full-scale retreat ^[5]. Farside's running total stood at about $55.2 billion on 11 November ^[1].
• The year so far. CoinDesk reported that 2026 flows had turned negative, at minus $914 million year to date after the week of 2 to 6 November, compared with more than $20 billion of net inflows in each of the two previous years ^[2].
• Cost of existing holders. The same HashKey researcher estimated the average holding cost of spot ETF investors at around $81,000, implying unrealised losses for some holders ^[5]. That is an estimate, not published fund data.
• Cause or effect. Flows and prices move together, but daily flow data does not show which caused which. Outflows can follow a price drop as well as lead one.

Holding bitcoin through an ETF also differs from holding it directly. The SEC said approved funds must give full and fair disclosure and trade on regulated exchanges, while warning that the approval did not endorse bitcoin or crypto trading platforms ^[13]. Fund fees and custody arrangements are set out in each fund's prospectus.

This guide is general information, not financial advice. Crypto prices can fall sharply and quickly, and no source cited here predicts where bitcoin goes next.

What dates and data should be watched next?

Several scheduled events, as of 13 November 2026, are likely to be read by markets for clues:

• The December Federal Reserve meeting: Reuters reported that markets expected a rate rise and that one Fed governor, Christopher Waller, said the Fed should raise rates next month and raised the possibility of a half-point move ^[10].
• The November CPI report: the Bureau of Labor Statistics has scheduled it for Thursday 10 December 2026 at 8:30 a.m. Eastern time ^[9].
• MSCI index changes: Strategy's removal from MSCI USA and MSCI World on 1 December, as reported by Reuters ^[12].
• Daily ETF flows: published each trading day by Farside Investors ^[1] and summarised by outlets such as CoinDesk ^[2].

Analysts quoted in the coverage did not agree on what comes next. A Wintermute trader told The Block there were no convincing signs of large buyers at these prices, so the major coins needed ETF flows to carry them, and that this would change if flows turned structurally positive for several days in a row ^[4]. That is one market participant's view, not a prediction.