Bitcoin Crashes Below $76,000: $1 Billion in Liquidations as Tech Sell-Off Spreads to Crypto
Bitcoin fell about 5% on Thursday morning, sliding from above $80,800 to near $76,000 as a sharp sell-off in technology stocks spilled into crypto and wiped out leveraged traders betting on further gains. It was the second heavy fall in three days — and this time the damage spread across the whole market in a matter of hours.
The low came shortly after the US stock market opened, when Bitcoin touched roughly $76,100, its weakest level since the start of the week. Ethereum slid below $2,300 in the same move, and by the afternoon Bitcoin was trading near $75,900, down 5.67% on the day.
How the sell-off happened
The trigger was Wall Street, not crypto. A brutal rout in chip and AI stocks sent the Nasdaq 100 down 4.4% in a single hour, and US equities lost more than $1 trillion in market value within minutes of the open. Crypto, which had been trading near $80,000 all Wednesday, followed stocks lower almost instantly.
The sequence was fast. A short squeeze had pushed Bitcoin above $80,500 early on Thursday, pulling in late buyers using borrowed money. When stocks dropped, those positions were liquidated first, and the forced selling pushed Bitcoin straight through support around $77,000.
$1 billion in liquidations
Leverage turned a bad morning into a flush. CoinGlass data shows total crypto liquidations passed $1.03 billion in 24 hours, with 199,365 traders liquidated. Nearly nine out of every ten dollars liquidated — $924.94 million, or 89.4% — came from long positions.
The breakdown tells the story:
Bitcoin liquidations: $255.88 million
Ethereum liquidations: $163.83 million
Solana liquidations: $33.27 million
Largest single liquidation order: $10.94 million, on Binance
Binance share of liquidations: 48.2%
Roughly $370 million of leveraged positions were wiped out in about one hour alone as Bitcoin broke $77,000 — and hourly liquidations topped $500 million at the peak of the move. An earlier dip toward $76,000 this week had already shown how thin the market was; Thursday's break confirmed it.
ETF flows: a small offset, then a warning
Fund flows offered only a small offset. US spot Bitcoin ETFs took in a net $74.6 million on Wednesday, breaking a three-day run of outflows, led by Fidelity's FBTC while BlackRock's IBIT saw money leave. But the bigger picture is still heavy: the same funds lost about $1.16 billion across October 30, November 2 and November 3, according to Farside Investors, as ETF flows turned sharply negative after the Binance security breach.
That breach — the October 29 incident Binance put at roughly $6.3 billion, with around $3 billion in affected assets frozen on-chain — is still weighing on confidence. Bitwise's head of research, Andre Dragosch, has said the ETF selling looks like a short-term sentiment reaction rather than a long-term exit by big investors, but the market has not yet proved him right. Bitcoin Magazine reported on the price drop.
What traders are watching now
The next test is $75,000, a level that held on election night and repeatedly since August. If it breaks, the next area traders are watching is around $73,000. On the upside, reclaiming $77,000 — the level that broke on Thursday — is the first step back.
Friday brings the October US jobs report, with economists expecting 65,000 new jobs after just 29,000 in September. A soft number could ease pressure on the dollar and give risk assets room to breathe; a hot one would likely do the opposite. Either way, Thursday showed how quickly a stock-market sell-off can become a crypto liquidation cascade — and how little warning leveraged traders get.
Follow the fallout on the Zimbuck News page and in the Zimbuck Market News group, where traders are tracking every level live.
FAQ
Why did Bitcoin crash today?
A sharp sell-off in US technology stocks spread into crypto. Leveraged long positions were liquidated as Bitcoin broke $77,000, and the forced selling pushed it toward $76,000.
How much was liquidated?
More than $1.03 billion in 24 hours, with 199,365 traders liquidated — 89.4% of it long positions, according to CoinGlass data.
Did Bitcoin ETFs sell too?
US spot Bitcoin ETFs saw about $1.16 billion in net outflows across October 30, November 2 and November 3, though Wednesday brought a $74.6 million net inflow that ended the three-day outflow run.
What is the next key level for Bitcoin?
Traders are watching $75,000 as support. A break below it opens the way toward $73,000; reclaiming $77,000 would be the first sign of stabilisation.
This is market news and general information only, not financial advice. Join the conversation on Zimbuck — the finance social platform for traders and investors: https://zimbuck.com
