Bitcoin falls to 12-week low as Jensen Huang’s exit from Nvidia rattles markets

Judgment

Crypto holders and MSCI-tracking funds now face the tradeoff: BTC’s slide to $71,200 and $750M in liquidations force them to decide whether to cut equity-correlation risk before Strategy’s Nov. 30 index removal, or wait for ETF flows to turn structurally positive.

Basis

Wintermute OTC trader Jasper De Maere said Thursday he remains “cautious on BTC as it tests $73k,” the first support level Wintermute flagged, with “no convincing signs of size stepping in.” He added that some bluechip names show activity, but “without large buyers the majors need ETF flows to carry them,” and that changes only if flows turn “structurally positive for several days in a row.” The mechanism is twofold: Huang’s immediate resignation as Nvidia president, CEO and board member hit risk sentiment—Nvidia shares opened down 12%—while MSCI confirmed Strategy’s removal from its indexes on Nov. 30. Wintermute called that “a passive-selling risk on a BTC proxy where we have no size estimate.” Bitcoin traded as low as $71,200, down 3.4% to $71,600 at publication; ETH, SOL and XRP fell more than 3.5%. CoinGlass counted more than $750 million in crypto liquidations, including over $634 million in longs. Nvidia perpetual futures on Hyperliquid did $2.34 billion in 24-hour volume.