Bitcoin Slides Toward $76K As Nasdaq Plunge Erases Post-Midterm Gains
Key Summary
Bitcoin retreated to $76,000 following a failed push past $81,000 after the U.S. midterms, driven by a 5.52% Nasdaq drop, over $1.00B in derivatives liquidations, and persistent negative Coinbase premium spreads.
Key Bullets
- Bitcoin fell back to $76,000 after a failed push past $81,000 driven by a sharp 5.52% plunge in the Nasdaq.
- Traders liquidated more than $1.00B in leveraged positions across major spot and derivatives exchanges.
- Spot Bitcoin and Ethereum exchange-traded funds reversed course immediately following a single day of net inflows.
- Aggregated derivatives metrics over a 30-day window tracked net outflows settling near -200,000 BTC.
Nasdaq Plunge Erases Post-Midterm Gains
Bitcoin dropped back toward $76,000 Tuesday morning after a failed push above $81,000 following the U.S. midterms. BloFin Research confirmed that the recovery barely lasted twenty-four hours before a severe 5.52% plunge in the Nasdaq sent shockwaves across derivative exchanges. Risk-off selling accelerated as equities tumbled.
Traders liquidated more than $1.00B in leveraged positions across major venues. Capital moved rapidly into traditional safe havens. Gold advanced nearly 5.00% over a two-day span while U.S. Treasury yields attracted steady bids.
Coinbase Premium Index Sinks Further
Bitcoin climbed 3.2% to $78,490 during Tuesday morning trading sessions as global order books absorbed persistent distribution from domestic trading desks. On-chain metrics published by analyst Muriuki Lazaro confirmed that the Coinbase premium index maintained a negative spread against offshore liquidity pools. Order-book telemetry captured by exchange monitoring tools showed that U.S. market participants continue to offload tokens even as prices recover from recent lows.
The negative spread implies that international venues are carrying the heavier bid side while domestic capital stays on the sidelines. Exchange data confirms that U.S. selling has been a constant feature since Bitcoin traded near $87,000 in September. The structural gap between spot venues highlights a severe regional demand fracture that complicates macro recovery efforts.
Derivatives Net Outflows Near 200,000 BTC
Spot Bitcoin and Ethereum exchange-traded funds reversed course immediately after a single day of net inflows. On-chain telemetry compiled by BloFin Research indicated that aggregate stablecoin supply shrank by nearly 2.00% over the preceding week.
Aggregated spot and derivatives metrics over a 30-day window tracked net outflows settling near -200,000 BTC. Order-flow monitors indicate that while the absolute pace of selling has slowed down this week, incoming buy-side volume remains too weak to trigger a sustained breakout. CEX order books show a heavy concentration of sell walls clustered just above current market pricing.
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