Bitcoin edged up 0.2% to around $76,150 since midnight UTC on Friday, November 6, after bouncing from a dip to around $75,200 near 23:00 UTC on Thursday. Ether gained 0.3% and the CoinDesk 80 Index rose 0.2%. The CoinDesk Memecoin Index led with a 4% gain.

AI-Led Selloff Hits Crypto

The bounce followed a heavy selloff on Thursday, when the Nasdaq Composite fell 5.5%. CoinDesk attributed the drop to investor fears that Democratic control of Congress will slow the buildout of AI data centers. The selling spread to crypto, where more than $1 billion in leveraged positions were liquidated over 24 hours, according to CoinGlass. Over that period, bitcoin fell 5.3% and ether 7.3%.

Bitcoin ETFs also saw outflows on Thursday, according to Farside Investors. Fidelity’s FBTC lost about $200 million and BlackRock’s IBIT lost $105 million, its fifth straight session of outflows.

Jobs Report in Focus

Traders are now looking to the US jobs report at 8:30 a.m. EST (13:30 UTC). Economists polled by FactSet expect payrolls to have risen by 65,000 in October.

Leverage Flushed and Rebuilt

Bitcoin open interest rose to $22.1 billion from $21.8 billion, even as 24-hour liquidations reached $1.27 billion, about $1.1 billion of it from long positions. In other words, leveraged longs were wiped out and then rebuilt, rather than new leverage being added on top.

Funding rates swung, briefly turning negative on Bybit at −5% annualized before settling between 0% and 5% elsewhere. The three-month basis held at 5.7%.

Options Turn Defensive

Options traders bought more protection against further falls. The 24-hour put/call volume ratio sits at about 51/48 in favor of puts. The one-week 25-delta skew steepened to about 15%, from about 11% a week earlier. At-the-money implied volatility is near 50% at the front end and eases to about 38% to 40% for contracts running through late 2027.

  • Token Moves
    WLFI rose about 3.5% since midnight UTC after World Liberty Financial, the Trump-backed project, announced plans for more token buybacks, partly funded by fees from the reserves backing its USD1 stablecoin. The token is still down about 10% since Tuesday’s midterm elections and more than 66% this year. The official trump token (TRUMP) hit a record low this week.

  • Privacy coins held up better in the selloff. Monero (XMR) fell 3.2% over 24 hours, compared with bitcoin’s 5.3% drop. Zcash (ZEC) rose 1% since midnight UTC after activating its NU7 upgrade early Friday, which CoinDesk said cuts the target time between blocks from 75 seconds to 25.

  • HYPE is down about 19% from its $96 peak last week. The token had surged on news of a deal between ICE and Trade[XYZ] to bring Hyperliquid-based perpetual futures to US retail traders, but optimism has since faded.

  • INJ is up 14% on the week. Nasdaq approved the listing of Canary Capital’s staked INJ ETF, according to an SEC filing.

CoinMarketCap’s altcoin season index stands at 44 out of 100, its lowest since September, as appetite for speculative trades continues to fade.

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