Coinbase, Strategy and Bitcoin Miners Fall Harder Than Bitcoin as $1 Billion of Leveraged Crypto Bets Are Wiped Out
Ether lost 7.5 percent, Solana nearly 8, and crypto-linked shares dropped 10 percent or more as the Nasdaq rout spread, leaving $80,000 as the level traders want bitcoin to reclaim.
Thursday, November 5, 2026/2 min read
Bitcoin's Thursday fall below $76,000 was only the front of the damage. Behind it, the assets and companies built on bitcoin fell further, and the people who had borrowed to bet on a post-election rally were wiped out. Bitcoin dropped almost 5 percent from above $80,800 to a low near $76,100 after US stocks opened, Altcoin Buzz reported, and the total crypto market capitalisation fell 4.6 percent to about $2.66 trillion.
We covered the move in bitcoin itself earlier in the day. The evening's picture is of how widely it spread.
How much leverage was liquidated in the crypto crash?
More than $1 billion in leveraged positions was forced out over 24 hours, Altcoin Buzz said, about $954 million of it long bets that needed prices to rise. Bitcoin Magazine's data put the figure at about $1.08 billion and said bitcoin traded near $76,000, down more than 5 percent on the day after touching the mid-$75,000s. Totals differ because exchanges and data firms count different windows, so treat any single number as approximate.
Which coins and crypto stocks fell the most?
Altcoins fell faster than bitcoin. Ether dropped 7.5 percent to about $2,251, Solana 7.9 percent to $89.16, XRP 6.1 percent to $1.23 and BNB 3.9 percent to $691.42. Crypto-linked shares were hit harder still: Coinbase fell 10.56 percent and Strategy, the company that holds bitcoin as its main treasury asset, 10.12 percent. Bitcoin Magazine reported that Circle also lost more than 10 percent and that bitcoin miners fell by as much as 20 percent.
The mechanism was the same as in the wider market. The Nasdaq entered a correction on worries that a Democratic Congress will slow the AI data-centre buildout, and bitcoin followed it down. Altcoin Buzz said the cause was not settled, citing doubts about AI spending and rising borrowing costs.
What are crypto traders watching next?
The first test is Friday's October jobs report, followed by October CPI on 10 November and the Federal Reserve's decision on 9 December. Initial jobless claims on Thursday came in at 189,000, below the 196,000 expected, according to Altcoin Buzz. On the charts, Bitcoin Magazine said support in the mid-$75,000s is the key level and a break below it could bring the September low back into view, while Altcoin Buzz named $80,000 as the level bulls must reclaim.
One bright spot is that US spot bitcoin ETFs took in a net $74.6 million on Wednesday, ending a three-day outflow streak. Thursday's flows are published after the US close.
Published in The Outspoken Digest
Newsletter
The Digest, in your inbox
One edition, sent when it is ready. No noise, and your address is never passed on.
Read Next
More Crypto →
Bitcoin Gives Back Its Midterm Bounce, Falling Below $76,000 as the Nasdaq Drops 5%
Nov 5, 2026/2 min read
Bitcoin Falls to $76,500, a Two-Month Low, on Election Day as Binance's Emergency Fund Is Shown Half Spent
Nov 3, 2026/3 min read