Bitcoin slips below $73,000 as Nvidia turmoil and ETF outflows dent risk appetite
Bitcoin slid below $73,000 on Thursday as fresh unease over technology stocks weighed on risk appetite and steady withdrawals from US spot bitcoin exchange-traded funds added pressure. The original cryptocurrency fell as much as 2.2% and traded near $72,900 early in New York, with other digital assets also weaker.
US equity futures fell on concern about instability in Nvidia's leadership, which hit the artificial intelligence trade. The chipmaker's shares dropped as much as 10% at the close of Wednesday's US session. Nvidia is working with an outside firm to identify possible replacements for chief executive Jensen Huang after reports of multiple extramarital relationships, including one with a woman suspected of spying for China, according to Bloomberg News.
Bitcoin's recovery from its 2026 low below $58,000 in July has stalled. It hit a three-month low on Wednesday after stronger-than-expected US inflation raised expectations of further interest rate rises. "Bitcoin is showing signs of a shift in market structure, with selling pressure concentrated in derivatives while spot market activity remains relatively resilient," Dean Chen, an analyst at cryptocurrency exchange Bitunix, said in a note on Thursday. Cumulative futures volume delta has turned deeply negative while open interest has also declined, he said. "Together, these indicators suggest that leveraged exposure is moderating, but market positioning remains mixed."
Other obstacles have been building. Democrats won a sweeping victory in last week's US elections, giving them control of both chambers of Congress next year and setting up conflict with President Donald Trump's cryptocurrency-friendly Republican administration. Democrats made Trump's growing cryptocurrency fortune a central campaign theme. Flows into spot bitcoin ETFs reversed on 30 October, four days before the vote, and the funds have since seen net outflows of roughly $2.5 billion.
Msci's decision to exclude Strategy, the largest corporate buyer of bitcoin, from its global equity indices has been another drag, according to Caroline Mauron, co-founder of Orbit Markets. "While that decision was widely expected, it contributed to the climate of uncertainty that has prevailed in this asset class since the midterm elections," she said. "In the short term, there is a lack of support on the downside, and the next key level to watch is $70,000."
What it means for Pakistan: A sustained bitcoin slide matters for Pakistani holders and traders who access the asset through offshore exchanges, and for the remittance and payments firms watching dollar-linked crypto flows. It also lands as Pakistan builds out its virtual asset framework under PVARA, with the State Bank and SECP still shaping rules for licensed platforms; a weaker global market can cool local appetite for new products before those rules are fully in place, though the source gives no Pakistani figures or official reaction.
