The bitcoin price fell below $75,000 on Friday 6 November 2026, dropping as low as $74,255 according to CryptoSlate, cited by Journal du Coin. Three mechanisms followed one another: the slide in artificial intelligence stocks on Wall Street, more than $940 million in leveraged positions liquidated, and more than $840 million withdrawn from US bitcoin ETFs over two sessions.

How far did the bitcoin price fall?

The break came on the afternoon of 6 November. Bitcoin was still trading above $77,000 earlier in the session, according to CryptoSlate. It then lost more than 3% in 24 hours, dragging the whole market down with it, ether included.

On the morning of Saturday 7 November, it was changing hands at around $75,900, according to a second Journal du Coin article. It had recovered to around $76,000 after its dip below $75,000.

The two articles do not date this low in the same way. The one from 6 November speaks of a level unseen "since mid-April", citing CryptoSlate. The one from 7 November refers to "its lowest level since 21 August", that is, eleven weeks. Neither gives the price on those reference days. The safe comparison is therefore with recent weeks.

On 21 October 2026, bitcoin was still hitting a high of around $84,800, before falling back to around $81,500 on 23 October, as noted in our article on the bitcoin price below $82,000. The day after the US midterm elections, it had climbed back above $81,000, according to Journal du Coin. From $84,800 to $74,255, the decline comes to around 12.4%, by our calculation.

How Wall Street dragged bitcoin down

The trigger came from tech stocks. After the Democratic victory in the 3 November midterm elections, artificial intelligence stocks plunged, according to Journal du Coin. The Nasdaq 100 had its worst session since March 2020.

Bitcoin followed semiconductors down without resistance. It broke through $76,000 on Thursday 5 November, then $75,000 the following day. In Asia, South Korea's Kospi and Taiwan's Taiex were collapsing at the same time.

This link is not new. On 22 October, Rick Maeda, head of markets at Laevitas, was already describing to The Block a crypto market that is "trading like a high-beta tech position". It amplifies the swings of tech stocks, in both directions.

The US jobs report of 6 November added pressure. The US economy created 165,000 jobs in October, against 65,000 expected, and unemployment fell back to 4.1%. For Journal du Coin, such a strong labour market gives the US Federal Reserve (Fed) room to slow its rate cuts.

Why liquidations accelerated the fall

A liquidation is the forced closure of a position financed with borrowed money, when its margin no longer covers the losses. Below $75,000, these forced sales were triggered in cascade.

  • CoinGlass recorded nearly $941 million in positions liquidated in 24 hours on 6 November, according to the first Journal du Coin article.
  • More than 161,200 traders were affected; bitcoin-linked contracts took $378 million in losses.
  • Bets on a rise accounted for $870 million in losses, against $71.4 million for bets on a fall.
  • The largest liquidation, $32.4 million on a bitcoin contract, hit the Bitget platform.

The tally grew over the day. The second Journal du Coin article cites $1.05 billion in positions forcibly closed over 24 hours on Friday, according to CoinGlass. The gap is probably due to the time of the reading.

The order of magnitude has doubled in two weeks. On 22 October, CoinGlass counted $440.9 million in liquidations in 24 hours, as we noted at the time. 2clics had also covered an earlier wave of liquidations and a night of liquidated positions.

Sentiment is following suit. Alternative.me's Fear & Greed index fell to 28 on the evening of 5 November, then to 25 on 7 November, in extreme fear territory.

Bitcoin ETFs: more than $840 million out in two sessions

Spot bitcoin ETFs, or exchange traded funds, hold real bitcoins. When withdrawals dominate, the issuer has to sell the equivalent in bitcoins, Journal du Coin explains. The market then loses its most regular buyer.

Session (2026)Net flows of US bitcoin ETFsDetail
22 October−$635.6 millionAccording to Farside Investors
5 November−$430.2 millionReversal at the Fidelity fund
6 November−$411.9 millionIncluding −$403 million for BlackRock's IBIT

The November figures come from Journal du Coin of 7 November. According to its article from the previous day, these funds lost more than $2 billion in two weeks. IBIT alone accounts for more than $1.4 billion in withdrawals over its current streak.

The annual balance has tipped over. According to SoSoValue, cited by Journal du Coin, cumulative net inflows since launch fell from $56.6 billion at the end of 2025 to $56.1 billion on 5 November. Journal du Coin estimates the 2026 balance to be negative, in the order of $900 million. On 21 October, the same aggregator was still showing $57.96 billion.

Spot demand is also weakening. Julio Moreno, head of research at CryptoQuant, observes its fastest contraction since 10 January.

What it changes for a Swiss holder of crypto ETPs or a bank crypto account

The withdrawals described concern US funds, not products listed in Switzerland. The underlying price, however, is the same for everyone.

ETP listed on SIX. An ETP, or exchange traded product, is a debt security on its issuer, backed by bitcoins entrusted to a custodian. It therefore tracks the bitcoin price. SIX Swiss Exchange, the Swiss stock exchange in Zurich, had 429 crypto products at the end of 2024, including 169 ETPs, according to SIX. It closes in the evening and at weekends, whereas bitcoin trades around the clock. A listed product can therefore open with a sharp gap after a turbulent weekend.

Bank crypto account. PostFinance, Swissquote and Zürcher Kantonalbank hold their clients' bitcoins. Every order has a price: 0.95% at PostFinance up to $250,000, 1% at Swissquote for a client with no crypto trading over 30 days, according to their fee schedules set out in our guide to buying bitcoin in Switzerland. Our comparison bitcoin held directly or via an ETP details the difference in custody.

Taxes. Bitcoins held as private assets must be declared at their market value on 31 December. According to the Geneva tax administration, the gain on sale is exempt from income tax, but a capital loss is not deductible. The details depend on the canton of residence.

The first Swiss-law bitcoin ETF open to the public, the Bitcoin Fund ETF (BBIT), authorised by the Swiss Financial Market Supervisory Authority (FINMA), is awaiting its listing on SIX in November 2026. Its terms are detailed in our article on the Swiss bitcoin ETF BBIT. When authorising it, FINMA pointed out that the capital invested can lose a significant part of its value.

Altcoins: Bitcoin Cash at its lowest since September, Zcash activates NU7

  • Bitcoin Cash (BCH) was trading at around $262 on the morning of 7 November, after −6.5% on Thursday and −4.5% on Friday, according to CryptoTicker cited by Journal du Coin. It has fallen back below its 100-day moving average.
  • Zcash (ZEC) activated its NU7 network upgrade during the night of 5 to 6 November. Block time drops from 75 to 25 seconds. The Sprout pool, launched in 2016, has been closed: around 12,200 ZEC, some $16 million, become unspendable, according to KuCoin News. ZEC gained between 8 and 11%, to around $1,300, according to Journal du Coin.
  • Ether, XRP, Solana, BNB: around $2,240 for ether (−7.5% over 24 hours), $1.18 for XRP, $96 for Solana and $693 for BNB on the morning of 7 November.

What we don't know yet

  • The exact date of the previous time bitcoin was at this level: Journal du Coin cites both mid-April and 21 August.
  • US bitcoin ETF flows for Monday 9 November, which will show whether the withdrawals continue.
  • The day BBIT will be listed on SIX and its management fees.

This article does not constitute investment advice.

Sources