Crypto plunged yesterday, November 6, 2026 | $1.08 billion liquidated—are the black swans still not over?
This round of selling started with AI and chip stocks, then was amplified by crypto leverage. BTC fell 5.56%, ETH fell 7.63%, and $UNI fell 9.56%. Assets that rose faster yesterday also suffered steeper pullbacks today.
The Nasdaq closed down 5.52% on Thursday. Markets are concerned that, after the U.S. election, data center expansion could face stronger headwinds, making it harder for chip orders and profits to meet earlier growth expectations. Qualcomm chip sales came in below expectations, giving sellers another reason to sell. Some crypto mining companies have already shifted to AI computing, and the tech stock sell-off also hit crypto-related stocks.
As prices fell, leveraged long positions began getting liquidated. About $1.08 billion was liquidated over 24 hours, including roughly $954 million in long positions. Forced-selling orders pushed prices lower, triggering another wave of liquidations and further amplifying the decline.
Oil is adding to the turmoil: crude oil CL is up 4.52%. Uncertainty over the outlook for the war with Iran is putting the trade from yesterday—“oil down, inflation easing”—under pressure. Gold XAU needs to be viewed by time period: spot gold was still up about 1% on Thursday, but the market has turned weaker today. This pullback alone isn’t enough to confirm the reason for the selling.
ETF data for November 5 is not yet complete, so we’ll have to wait for the full fund flow figures. For now, I’ll wait for BTC to stop making new lows and ETH to stop underperforming before considering a small test position. Are you looking to buy the dip, or have you already seen someone absorb the sell orders? #美股走弱，加密货币市场普遍承压
This round of selling started with AI and chip stocks, then was amplified by crypto leverage. BTC fell 5.56%, ETH fell 7.63%, and $UNI fell 9.56%. Assets that rose faster yesterday also suffered steeper pullbacks today.
The Nasdaq closed down 5.52% on Thursday. Markets are concerned that, after the U.S. election, data center expansion could face stronger headwinds, making it harder for chip orders and profits to meet earlier growth expectations. Qualcomm chip sales came in below expectations, giving sellers another reason to sell. Some crypto mining companies have already shifted to AI computing, and the tech stock sell-off also hit crypto-related stocks.
As prices fell, leveraged long positions began getting liquidated. About $1.08 billion was liquidated over 24 hours, including roughly $954 million in long positions. Forced-selling orders pushed prices lower, triggering another wave of liquidations and further amplifying the decline.
Oil is adding to the turmoil: crude oil CL is up 4.52%. Uncertainty over the outlook for the war with Iran is putting the trade from yesterday—“oil down, inflation easing”—under pressure. Gold XAU needs to be viewed by time period: spot gold was still up about 1% on Thursday, but the market has turned weaker today. This pullback alone isn’t enough to confirm the reason for the selling.
ETF data for November 5 is not yet complete, so we’ll have to wait for the full fund flow figures. For now, I’ll wait for BTC to stop making new lows and ETH to stop underperforming before considering a small test position. Are you looking to buy the dip, or have you already seen someone absorb the sell orders? #美股走弱，加密货币市场普遍承压
