After AI stocks plunged on Thursday, U.S. spot BTC ETFs saw single-day net outflows of approximately $430 million, bringing this week’s redemptions through Thursday to approximately $870 million. Friday’s nonfarm payrolls came in far stronger than expected, but BTC remained range-bound near $75,900. Institutions are selling and interest rate expectations are rising; in the short term, direction still depends on whether U.S. stocks can stabilize.
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🔥 Today’s 3 most important stories
1) Thursday BTC ETF net outflows of approximately $430 million
SoSoValue: On November 5, U.S. spot BTC ETFs saw combined outflows of approximately $430.2 million. Fidelity FBTC saw approximately $199.9 million in outflows, BlackRock IBIT approximately $105 million, and Grayscale GBTC approximately $49.9 million—erasing Wednesday’s approximately $74.6 million in inflows. This week’s total outflows through Thursday were approximately $869.8 million. The Block reported that crypto spot ETFs saw combined outflows of more than $500 million that day.
Institutional redemptions coincided with Thursday’s liquidation wave. BTC briefly climbed back above $76,000 on Friday and is now around $75,900. If net inflows remain absent early next week, it may test below $75,000 again.
2) U.S. October nonfarm payrolls: +165,000, about 65,000 above expectations
Bureau of Labor Statistics: October nonfarm payrolls rose by 165,000; September was revised up to about +60,000; unemployment was 4.1%. Stronger employment data led markets to price in a greater chance of a December rate hike.
Higher rate expectations are unfavorable for BTC and ETH. Prices did not suffer a sharp standalone drop after the data was released, suggesting selling pressure is still mainly tied to Thursday’s AI stocks and ETF redemptions. If U.S. stocks rebound next week, crypto prices may follow, but the rally could be limited without ETF buying.
3) Treasury cuts MEXC off from the U.S. financial system
The Treasury Department and FinCEN said Friday that MEXC processed at least about $16 billion in transactions related to Iran, North Korea, and Russia between May 2021 and May 2026. They designated it a primary money laundering concern and prohibited U.S. financial institutions from transferring funds for it. The measure takes effect 30 days after publication in the Federal Register.
The impact on BTC’s total supply is limited, but compliant channels may become more concentrated. Liquidity in smaller tokens on MEXC could thin out first. In the same period, Elliptic said stolen altcoins on Binance had been converted into about $124 million worth of BTC, and the laundering of stolen funds is still ongoing.
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⚡ Quick updates
▸ AI: OpenAI’s latest round of about $11 billion has closed, at a valuation of about $1.25 trillion
▸ AI: Potential buyers’ valuation discussions for an Anthropic IPO have been revised down to about $1.1–1.3 trillion
▸ Crypto: Greece passes a 10% tax on crypto gains and a 15% tax on staking and DeFi income
▸ Crypto: Zcash NU7 goes live on mainnet, with the block time target cut from about 75 seconds to 25 seconds
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👀 A few things to watch today
1) U.S. market open Monday: Can the Nasdaq and AI heavyweights recover Thursday’s losses? If they keep falling, BTC at $75,000 could be tested again
2) Final ETF net flows for Friday: Compared with about $870 million in redemptions so far this week, another day of outflows would signal that institutions are still reducing their positions
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📌 BTC is stuck between $75,000 and $76,000, waiting for direction from U.S. stocks and ETFs
⚠️ Narrative summary, not investment advice