🔥 Nov. 6 Evening Briefing | Tech stock plunge drags crypto down; BTC holds near $76K

In a nutshell: The Nasdaq plunged about 5.5%, and BTC briefly slid to around $75,200—its lowest level in nearly seven weeks—before recovering to around $76,000. Leveraged longs were flushed out, while institutional ETFs continued to see net outflows.

📌 What’s happening in the market

• BTC is trading around $76,000, after briefly dropping more than 5% in 24 hours; ETH fell further (around 7%)

• CoinGlass: About $1.26–1.27 billion in liquidations over 24 hours, overwhelmingly from long positions

• U.S. spot BTC ETFs saw about $430 million in net outflows on Thursday (around $200 million from Fidelity FBTC and $105 million from BlackRock IBIT)

• The Fear & Greed Index fell back into the “Fear” zone (around 28)

📌 Binance: The aftermath of the hack is still unfolding

• The platform is gradually restoring withdrawals in batches; officials say its ZK-based proof of reserves lets users verify that their balances are backed at least 1:1

• He Yi (@heyibinance) continues to post updates on the withdrawal rollout; CZ reminded users to update their systems and that “self-custody means you’re responsible for your own funds”

• On-chain: Elliptic reports that about 1,650 BTC (around $124 million) in funds linked to the theft have been converted into BTC—nearly double the amount from the previous day. The hackers are still working through money-laundering routes

📌 What the big names are saying (crypto/market-related only)

• Michael Saylor: The stock market saw a roughly “4σ” move today—the S&P 500 fell about 4.4%, the Nasdaq about 5.5%, and BTC about 5%; he also noted that $STRC closed at $99.56

• Lookonchain: A whale dormant for over a year withdrew 1,286 BTC from Binance today (around $98 million, at an average price of about $76,230). More than a year ago, the address had deposited 5,699 BTC at an average price of about $89,291—this looks more like buying back at a lower price or moving to self-custody than a straightforward sell-off

• Arthur Hayes: The technical-analysis “gods” are calling for a CRASH. “I don’t know, but buckle up.” He also joked that round trips really sting, while those who took profits aren’t losing

👁️ Opportunity hunter’s view

Sentiment around tech stocks (especially AI and chips) was the main market driver today, while crypto mostly followed the drop and saw deleveraging. Long liquidations are clustered around $75,000; if that level holds, treat it as a “watch for signs of stabilization” zone for now, and don’t rush to mistake a rebound for a trend. For Binance, focus on the restoration of withdrawals and transparency around reserves—not on whether the hackers are selling into the market.

#Bitcoin #BTC #Binance #Cryptocurrency #MarketBriefing

This is not investment advice.