Bitcoin spent the day trading as a macro asset while its derivatives traders leaned in: Glassnode put Bitcoin's 30-session correlation with the S&P 500 at 0.80, the highest since May 2022, and separately saw open interest climb through the selloff as longs looked to be stepping back in [1][2].
Stocks set the tape
Bitget's daily brief had the Nasdaq down 5.52%, the S&P 500 down 4.36% and the Dow down 3.44% at the 5 November US close, with Nvidia down 9.26% and AMD and Micron each losing more than 17%; Bitcoin fell below $77,000 over the same period, and ETH posted a steeper decline [3]. Bitget framed the equity move as a repricing of the AI buildout, with investors worried after the election that data-center expansion could face greater regulatory scrutiny, which it called a shift in expectations rather than confirmation that projects had been halted [3]. Whale Alert relayed that Democrats are pushing moratoriums on new data-center construction that could threaten Bitcoin miners planning to move into AI hosting [4].
Whale Alert also relayed Bitcoin slipping under $76,000 as Asian equities extended the selloff, and attributed the move to weaker expectations for future rate cuts [5]. Glassnode wrote: "Despite the talk of bitcoin's relative strength, macro sets the direction for now." [1] On crypto venues' own products, Coinbase Markets wrote that Anthropic's pre-IPO perp fell 9% from its reference close and was trading around $1,362 [6].
Leverage rebuilt while Coinbase sat at a discount
Glassnode reported open interest climbing by about $1 billion during the US session drop and by almost $500 million more into the following US session, with funding cooling slightly before ramping up again [2]. A separate Glassnode read had the drop pushing about 60% of the bitcoin held by recent buyers below its cost basis, which it said lowers the risk of recent buyers cashing out into strength [7].
On Coinbase itself the picture looked different. Coinbase Markets reported Bitcoin trading below the global price on Coinbase for 61 straight days, with the latest daily gap at -0.13%, the 8th percentile of two years, and only two discount runs since September 2023 lasting longer [8].
Where the chart reads split
Several of the Bitcoin chart reads cited here leaned toward a bounce. CredibleCrypto called the move "technically a sweep of our range lows" and wrote that taking them "is actually the best case scenario", adding that an impulsive move higher could give Bitcoin a chance to get past the 90k+ resistance zone rather than rejecting there [9]. XO wrote that most of the shorts from 80.3 had been closed and switched to longs, while being "not a fan of holding anything into the weekend" [10]. Lark Davis had Bitcoin just below its 200-day EMA and bouncing at the bull market support band, and said: "If we get under $72,000, it is bad news bears for a variety of reasons." [11]
Ansem took the other side. Answering a follower, Ansem wrote of having flipped bearish "like 3 weeks ago or so" and not having flipped back since, apart from sharing some alt charts and memes [12]. In a post on gold, Ansem wrote that gold's summer lows had come at the same time as Bitcoin's, that gold had recently retested them, and that Bitcoin would do the same, "just delayed" [13]. Ansem also disclosed a SOL short entered on a pump [14], while writing that ZEC "continues to show impressive relative strength despite the broader market pullback" [15].
Ether drew the same split. CredibleCrypto wrote that "we now have plenty of liquidity building up above us" [16], while Ansem said ETH's price action recalled 23 October, and added: "i could be wrong" [17].
Elsewhere in the window
Treasury's FinCEN issued an order effectively cutting MEXC Global off from the US financial system over at least $16 billion in illicit transactions, covered in a separate brief [18]. On-chain, Whale Alert flagged USDC transfers into Aave of 300 million, 200 million and 175,872,729, alongside a 250 million USDC treasury mint [19][20][21][22]. Binance said holders of its IBM, Apple, Corning and Eli Lilly bStocks will receive cash dividends reinvested into additional units [23], and Curve said it had gone beyond EVM with a launch on Stellar [24].
