Bitcoin falls to $73K as Nvidia drops 9% and MSCI removes Strategy

Two shocks after the close: Nvidia and MSCI

The New York Times reported Nvidia CEO Jensen Huang had a second relationship with a senior employee who reports to him. The Wall Street Journal reported Nvidia’s board is preparing to remove him as CEO. Nvidia closed up 2.9% at $173.73, then fell to $157.99 in after-hours trading, down 9.1%. It is down 8.6% premarket and about 15% since last Friday. A separate board probe into a foreign intelligence targeting report preceded the decline. Bitcoin correlated with tech stocks this year and fell alongside them as Nasdaq 100 futures dropped 1.1% in the same window.

MSCI will remove Strategy, the largest corporate Bitcoin holder, from its global indexes after the November 30 close, classifying it as an investment fund holding Bitcoin rather than an operating business. Metaplanet and Upexi will also be removed. Index trackers will need to sell Strategy shares. JPMorgan estimated sales around $2.8 billion. Strategy says index funds hold about 13 million shares, 3.1% of its stock. Shares are down 1.8% premarket. Reduced index demand could make Strategy’s Bitcoin accumulation more costly.

ETF flows: seven red days out of eight

ETF selling preceded the Nvidia and MSCI news. November-to-date flows for U.S. spot Bitcoin ETFs:
- Red days: seven of eight trading days. Only November 4 saw net inflows of $74.6 million.
- Total: $1.88 billion in net outflows month-to-date, with $1.44 billion over the last five days.
- Who is selling: BlackRock’s IBIT accounts for $1.77 billion of outflows, 94% of the total. Wednesday: IBIT -$269.7 million of the -$299.8 million net.

The longest outflow streak this year was 13 trading days in May–June, just before Bitcoin dropped below $60,000. A hot October inflation print lifted the implied probability of a December Fed rate hike on Polymarket to about 97%, increasing the attractiveness of cash and bonds relative to risk assets.

Bitcoin price levels

BTC trades at $73,588, above Tuesday’s low of $72,727, the lowest since August 20. It sits below the 50-day EMA at $78,696 and the 200-day EMA at $76,422.

- Resistance: $74,811, then $76,422, then $78,696.
- Support: $73,390, then $72,727, then $68,902, the August 20 low.

BTCUSDT 1D chart. Source: TradingView.

Outlook:
- Rebound: daily close above $74,811 and ETF inflows return; level to watch: 200-day EMA at $76,422.
- Holding pattern: price between $72,727 and $74,811 until Nvidia and ETF selling pressure fades.
- Sell-off: daily close below $72,727; level to watch: $68,902.

Next data points: Thursday’s ETF flows and Nvidia’s cash-session performance. A sixth straight ETF outflow day and a weak tech open would likely test $72,727.