BLOOMBERG · 2026-11-05 16:28 UTC

Bitcoin Sinks to Seven-Week Low as Risk-Off Mood Deepens

Bitcoin dropped to a seven-week low below $76,000, falling 5.8% as technology stocks plunged 6.4% amid concerns about AI industry oversight and weak earnings. Investors withdrew $1 billion net from spot-Bitcoin ETFs in days following the Binance hack, with BlackRock's IBIT seeing $900 million outflows. Most short-term Bitcoin holders are now at a loss after previously being in profit a month ago, as the market undergoes broad de-risking.

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