Bitcoin slips as Nvidia turmoil and ETF outflows weigh on crypto markets
Broader risk appetite is weakening across digital assets as technology shares retreat and investors continue pulling money from U.S. spot bitcoin funds. Bitcoin falls 0.7% since midnight UTC to about $73,400, while ether also trades lower and futures activity cools across the crypto market.
Highlights
- Bitcoin slides 0.8% and CoinDesk 80 Index drops 1% as Nvidia's 7% pre-market decline triggers tech-led risk-off sentiment across digital assets.
- U.S. spot bitcoin ETFs post $299.9 million in outflows on Wednesday, totaling $1.44 billion since Nov. 5, with BlackRock's IBIT seeing nine straight sessions of redemptions.
- Crypto derivatives trading volume falls 20.64% to $168.6 billion and open interest drops 2.92% to $125.8 billion, signaling reduced market participation.
Tech selloff and fund redemptions pressure prices
As reported by CoinDesk, citing the New York Times and the Wall Street Journal, Nvidia shares are down about 7% in pre-market trading after the newspaper said chief executive Jensen Huang had a relationship with a company executive, while the Wall Street Journal reports that the board is preparing to remove him. Nvidia has not announced a decision, but the headlines are helping push Nasdaq-100 futures down 0.6%, giving back part of Wednesday's CoreWeave-led rally.Bitcoin is hovering near the day's low as the selloff in technology stocks spreads, with the CoinDesk 80 Index down 1%. Over 24 hours, bitcoin loses 0.8% and ether sheds 0.7%, extending the weaker tone across major digital assets.
Demand for crypto exposure also remains under pressure. U.S. spot bitcoin ETFs lose $299.9 million on Wednesday, according to SoSoValue, marking a fifth straight day of outflows and taking cumulative withdrawals since Nov. 5 to about $1.44 billion; BlackRock's IBIT accounts for $269.7 million of that total in its ninth consecutive session of redemptions.
Market focus turns to data and trading activity
Traders are watching initial jobless claims due at 13:30 UTC as well as any decision from Nvidia's board, with both seen as potential catalysts for broader risk markets. The Federal Reserve meets on Dec. 8-9, and CME FedWatch is pricing around a 90% chance of a hike.Activity in crypto derivatives is also slowing. Over the past 24 hours, futures volume falls 20.64% to $168.6 billion and open interest declines 2.92% to $125.8 billion, indicating positions are being closed and capital is leaving the market.
Liquidations drop 63.67% to $263.7 million, although long positions make up 64.5% of the total. That suggests bullish traders are absorbing more of the forced exits than shorts as sentiment weakens.
As we previously wrote, the JQQQ blockchain fund gave investors digital access to Nasdaq-100 exposure amid a selloff.
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