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Bitcoin fell to its lowest level in nearly 12 weeks on Thursday, trading as low as $71,200, as markets absorbed the abrupt resignation of Nvidia CEO Jensen Huang and the prospect of passive selling from MSCI index removals. BTC was down 3.4% to $71,600 at publication time, and the sell-off was broad: Ethereum, Solana and XRP each dropped more than 3.5% over the past 24 hours.
More than $750 million in crypto positions were liquidated in a single day, including over $634 million in longs, per CoinGlass. "We remain cautious on BTC as it tests $73k, the level we flagged as first potential support, with no convincing signs of size stepping in at these prices," said Jasper De Maere, OTC trader at Wintermute. "Some bluechip names are seeing activity, but without large buyers the majors need ETF flows to carry them."
Why it matters
Huang resigned Thursday morning as president, CEO, and board member of Nvidia, effective immediately, after a week of mounting turmoil. The company had opened an investigation into reports he was a "target of a foreign intelligence effort" amid an alleged affair with a Chinese spy, and the New York Times reported a separate affair with a direct report. CFO Colette Kress was named interim CEO while the board searches for a successor.
Nvidia shares opened down 12%, extending this month's decline, and the shock bled straight into risk assets. On Hyperliquid alone, Nvidia perpetual futures generated $2.34 billion in 24-hour volume. President Trump weighed in on Truth Social that former Apple CEO Tim Cook should take the helm: "A Legend replaces a Legend!"
Market impact
Adding to the pressure, MSCI confirmed it will remove Strategy from its indexes on Nov. 30, which Wintermute called "a passive-selling risk on a BTC proxy where we have no size estimate." Until forced flows subside, the sector's bid rests on ETF demand: Wintermute says the picture changes only if flows turn structurally positive for several days in a row. Coinbase CEO Brian Armstrong summed up the mood on CNBC: "I have a lot of respect for Jensen; he's built an incredible company."
Frequently asked questions
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How low did Bitcoin fall during the Jensen Huang-driven selloff?
Bitcoin traded as low as $71,200 on Thursday, its weakest level in nearly 12 weeks, before sitting at $71,600, down 3.4% at publication time.
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Why did Jensen Huang resign as Nvidia CEO?
Huang resigned as president, CEO, and board member effective immediately after Nvidia launched an investigation into reports he was a target of a foreign intelligence effort amid an alleged affair with a Chinese spy, and after the New York Times reported a separate affair with a direct report.
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Who is running Nvidia after Jensen Huang's exit?
CFO Colette Kress was appointed interim CEO while the board searches for a permanent successor. She joined Nvidia in 2013 and remains CFO during the transition.
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How much crypto was liquidated in the past 24 hours?
More than $750 million in crypto positions were liquidated in 24 hours, including over $634 million in long positions, according to CoinGlass.
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Why is the MSCI removal of Strategy a risk for Bitcoin?
MSCI confirmed it will remove Strategy from its indexes on Nov. 30. Wintermute flagged this as passive-selling risk on a BTC proxy, since index funds tracking MSCI benchmarks may be forced to sell their holdings.
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