Good morning, everyone! The enthusiasm that pushed prices up to 81,000 on election night was wiped out overnight. Tech stocks and crypto tumbled together—let’s take a look 👇
📉 Rally fizzles, broad sell-off
$BTC Fell back from around 81,000 to roughly 76,300, down about 5% in 24 hours; $ETH was a little weaker, dropping to around 2,244. SOL and XRP also pulled back. Long liquidations across the market totaled several hundred million dollars. Privacy coins, on the other hand, held firm: ZEC barely fell and even edged higher.
🏦 ETFs finally turned positive for one day
U.S. spot BTC ETFs recorded about $74.57 million in net inflows on 11/4—Fidelity’s FBTC brought in roughly $237 million, more than offsetting about $200 million in redemptions from BlackRock’s IBIT. ETH ETFs also saw around $53 million in inflows, ending a five-day streak of outflows. Over the full five days, BTC ETFs still posted substantial net outflows, so this looks more like a pause than a trend reversal.
🏛️ Political and regulatory uncertainty is growing
Trump posted a sarcastic message saying the CLARITY Act and strategic Bitcoin reserve were “cancelled,” splitting the community. The White House has begun reviewing the SEC’s proposal to simplify rules for crypto brokers; the CFTC, meanwhile, has given clearinghouses the green light to use trust companies for end-of-day settlement. Overseas, Thailand’s SEC sued unlicensed Bitget and will block it starting December 5. We covered yesterday the news that the Moscow Exchange plans to pilot trading in December, so we won’t repeat it.
🏢 Institutions and infrastructure keep moving forward
European asset management giant Amundi has turned its European 600 equity index fund into tokenized shares on Ethereum. Bullish and 21Shares subscribed to the third tranche of Stacks’ Bitcoin bonds. Canary’s staked INJ ETF officially began trading on Nasdaq today. A publicly listed company associated with Hyperliquid has applied to the CFTC to operate as a U.S. futures commission merchant. Bitget is rolling out an institutional custody network while coming under regulatory scrutiny in Thailand—a dramatic turn of events.
🔐 Security and platform updates
Binance urgently revoked the relevant API keys following a security alert from third party SignalPlus. Brazil’s Mercado Bitcoin said it will compensate users with its own funds and gradually restore account viewing starting next week. There are also reports that the T3 Financial Crime Unit, previously formed jointly by Tron, Tether, and Binance, was disbanded at the end of August.
🗣️ What the bulls and bears are saying
Fundstrat’s Tom Lee remains bullish, believing Democrats could also advance crypto legislation. Saylor posted “Feeling Bullish” amid the downturn. Some traders also cautioned that after failing to hold above 80,000 on election night, the 75,000–76,000 support zone needs another look. Van de Poppe was still watching for momentum above 79,000 yesterday, but today’s bearish candle has disrupted the trend. CZ posted “Bitcoin is resilient” the day before yesterday; after yesterday’s drop, the community’s memes flooded the feed.
📌 Takeaway
The rebound after election uncertainty eased was swept away along with the sell-off in U.S. tech stocks. ETFs finally saw a day of inflows, but the picture was highly mixed. Regulatory and political narratives are more tangled than they were a couple of days ago; the key question going forward is whether support around 75,000 will hold. What do you think? Share your thoughts in the comments 👇
⚠️ Disclaimer: This article is for informational purposes only. Information is compiled from public sources and summaries on X and may contain inaccuracies; it does not constitute investment advice. Crypto assets are highly volatile. Please make your own assessments and be mindful of the risks.