Crypto Daily | BTC Slides Below $95K; Bitcoin–Nasdaq 100 Correlation Climbs to Three-Year High, Amplifying "Tech-Stock" Behavior

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BTC Slides Below $95K as “Extreme Panic” Grips Crypto Market

The crypto market extended its decline over the past 24 hours, with Bitcoin sliding 0.14% to fall below the $95,000 mark as sentiment across traders hit “extreme panic.” Ethereum also slipped 0.52% to around $3,100.

ECB Official Warns Stablecoin Run Could Force Rethink on Interest Rates

European Central Bank policymaker Olaf Sleijpen has warned that a large-scale run on stablecoins could become significant enough to influence the ECB’s interest-rate decisions, according to comments cited by the Financial Times. Sleijpen said such an event could create financial instability pressures that the central bank may need to address through policy adjustments.

Bitcoin–Nasdaq 100 Correlation Climbs to Three-Year High, Amplifying “Tech-Stock” Behavior

The 30-day correlation between Bitcoin and the Nasdaq 100 has surged to roughly 0.80, its highest level since 2022 and the second-strongest reading in nearly a decade. The relationship has stayed positive for most of the past five years, with the current 5-year correlation at 0.54. Meanwhile, Bitcoin shows almost no correlation with cash or gold. Analysts note that BTC’s price action is increasingly mirroring that of a leveraged tech stock, further tightening its link to broader U.S. equity sentiment.

Matrixport Warns of Accelerated BTC, ETH Liquidations as Market Enters Deep Deleveraging

Matrixport’s latest analysis indicates that leveraged positions in Bitcoin and Ethereum are being unwound at a rapid pace, signaling a clear deleveraging phase across the market. Ethereum’s open interest has plunged by 50%, reflecting a swift exit of leveraged capital, while Bitcoin is now hovering near the crucial $93,000 support level with weakening liquidity. The crowded long futures from Q4 have largely been flushed out, easing some leverage pressure, but Matrixport notes that concentrated ETF holdings are now the key risk, further market weakness could trigger additional outflows and fresh liquidity stress.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Friday was $492.11 million. The total net asset value of Bitcoin spot ETFs is $125.34 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.67%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on November 14 was iShares Bitcoin Trust ETF, with a net outflow of $463.10 million, according to SoSoValue.

Source: SoSoValue