Bitcoin fell below $77,000 on the morning of November 3. Asian exchanges opened down 3-4% and were selling off chipmaker stocks.
$1.04 billion was withdrawn from US spot Bitcoin exchange-traded funds over two sessions. Such a fund holds the asset itself, and the investor buys a share of it like a regular stock.
For a trader, this is one linkage. Crypto now moves almost in sync with US tech stocks.
How deep did Asia fall?
The South Korean market fell the most.
- KOSPI - by 09:30 Seoul time it was down 3.01% to 5,682.59 points, later the decline reached 4.1%.
- Samsung Electronics and SK hynix - pressure on the index came through selling of these stocks.
- Taiwan - the market fell to -3.3%, the Chinese one - by about -1.4%.
- October 30 - the Philadelphia Semiconductor Index plunged 7.2%, the Nasdaq Composite - by 2.86%.
Who is exiting Bitcoin funds?
Institutions sold for two sessions in a row. The figures are from Farside Investors.
- October 30. $643.2 million left Bitcoin funds: IBIT from BlackRock -$233.7 million, FBTC from Fidelity -$201 million. This is the largest outflow since June 25.
- November 2. Another $398.6 million was added, almost all through IBIT (-$405.3 million).
Why is the market doubting AI?
The reason for selling is the same. Investors doubt that investments in artificial intelligence will pay off.
- $1.2 trillion - this is how much, according to Reuters estimates, spending by the largest cloud operators on AI could reach in 2027.
- Debt and high rates - much of this investment is financed with credit.
- More than $2 trillion - the market capitalization of Nasdaq 100 companies that the October correction has already wiped out.
What does this mean for a trader?
Bitcoin has stopped living its own life. Bitfinex Alpha estimated the 30-day correlation of BTC with the Nasdaq 100 at 0.68.
In the $77,000-80,000 range, about 1.05 million BTC has been accumulated. The area is densely populated with buyers. You can pick a challenge for crypto and indices in the calculator.
The main thing: while the correlation is this high, the direction for BTC is set by US tech stocks, not by the crypto market itself.
What happens next?
On November 3, the US holds midterm elections to Congress. The budget policy of Donald Trump's administration and the fate of digital asset laws depend on the outcome.
- Institutional demand - QCP analysts call it weak.
- The Middle East - escalation there remains a risk for the market.
- Event dates - upcoming meetings and publications are collected in the economic calendar.
Did you watch BTC go under 77 thousand?
The move is broad: minus several percent on BTC overnight and Asia down 3-4%. In such sessions, the market sets the range for the week ahead. Then it's arithmetic: the same entry with two thousand in an account and with a hundred thousand differs only in the amount in the report. Prop firms trade this gap directly: a paid evaluation, then their trading account and your share of what you earn. The structure of the scheme is worth examining on a calm market, not in the middle of such a wave.