Losses pile up as spot selling grows
Bitcoin holders realized more than $2 billion in losses over three days, according to CryptoQuant analyst Darkfost. Daily realized losses ran between $657 million and $703 million, a pace that accelerated after Bitcoin fell below $80,000. Even with that damage, weekly net realized profit and loss was negative $191 million, because some holders still booked gains.
The spot market is showing the strain. Darkfost said the 30-day moving average of Bitcoin’s spot net volume delta has turned negative on Binance and Coinbase. That measure tracks aggressive buying versus aggressive selling. At the end of August, it was positive on both venues. By Nov. 5, Binance and Coinbase had flipped to more selling than buying. Coinbase weakened first in October, and Binance followed. The shift matters because it suggests demand has faded across major exchanges, not just one.
Tech selloff spills into crypto
On Friday, Bitcoin briefly dropped below $75,000 as a sharp selloff in US technology stocks hit digital assets. The S&P 500 fell 4.36% and the Nasdaq Composite lost 5.52% on Thursday. Worries about artificial intelligence valuations and tighter rules after a Democratic sweep in the midterms drove the move, according to the article. The drop erased much of Wednesday’s post-election relief rally and showed how quickly Bitcoin can follow risk assets lower.
CryptoQuant’s Julio Moreno pointed to two separate problems: falling Bitcoin demand and contracting stablecoin liquidity. Without stronger spot buying or fresh capital inflows, sellers may find too little demand to stop price declines. That is perhaps the most important point. A bad equity session can trigger selling, but thin demand can make it worse.
Jobs report raises the stakes
The US economy added 165,000 jobs in October, more than double the 65,000 expected. Unemployment fell to 4.1% from 4.2%, and average hourly earnings rose 0.4%. Revisions added another 84,000 jobs for August and September. Traders raised the odds of a quarter-point Fed hike in December to about 80%, from 75% before the report, according to Reuters. The 10-year Treasury yield reached about 4.88% early Friday.
Higher yields can pull money away from risk assets, including Bitcoin. Still, much of the December tightening was already priced in, said Fabian Dori of Sygnum. He told CryptoSlate that longer-term Treasury yields deserve attention because they could signal whether financial conditions tighten further.
Key levels to watch
Bitget analyst Lewis Huang put near-term support at $76,500. A sustained break below that level, especially with rising yields and a stronger dollar, could deepen the correction. Darkfost placed the bigger threshold at $75,000. If Bitcoin cannot hold it, the next area is $70,000, where many investors previously bought. That cluster could offer support if buyers step in. Continued selling could overwhelm it. For now, spot activity and stablecoin liquidity will show whether Bitcoin can steady itself.
