TechFlow’s November 9, 2026 report described Bitcoin approaching $73,000 as selling in AI-linked stocks coincided with heavy withdrawals from U.S. spot Bitcoin ETFs. Its central argument was that Bitcoin was trading more like a technology-risk asset than a refuge from market turbulence.
That is an interpretation of parallel market moves—not evidence that the same investors were selling both assets.
This is a historical summary of the report by 库里, published on November 9, 2026, at 21:23:03 UTC+8. Prices, allegations and policy expectations below reflect that report, not a current market update.
Nvidia allegations add to an unsettled market
According to TechFlow, Nvidia’s board announced on November 8 that independent directors, assisted by outside counsel, would investigate reports that CEO Jensen Huang had been targeted by a foreign intelligence operation. Huang acknowledged an extramarital relationship in an employee email and said he would cooperate fully.
The report identified the woman as Alice Huang, a former executive at Nvidia chip customer MegaSpeed. It cited an earlier New York Times report saying U.S. intelligence officials believed she might have passed information to Beijing. That was an allegation, not an established finding. Nvidia’s board said it had no reason to believe U.S. national security or company secrets had been compromised, and China’s foreign ministry denied the espionage allegations on Monday.
TechFlow cited The Kobeissi Letter’s estimate that Nasdaq-100 futures first lost roughly $250 billion in implied market value and then recovered about $300 billion within seven minutes. Futures turned lower again before Monday’s U.S. stock-market opening, while Nvidia fell nearly 5% in premarket trading.
Bitcoin fell to approximately $73,500 before Sunday’s weekly close—its lowest level since August 21—then briefly recovered above $75,000. The report subsequently quoted BTC at $74,120, down 2.32% over 24 hours. CoinGlass data cited in the article showed approximately $1.12 billion in leveraged crypto positions liquidated during the 24 hours through 09:00 UTC on Monday.
AI exposure provided a link, not proof of identical sellers
The report placed those moves against a broader post-election selloff. It said Democrats won both chambers of Congress in the November 3 U.S. midterm elections, with several successful candidates campaigning to restrict AI data centers over electricity and water use. In Texas, described as the country’s largest data-center market, the incoming governor had advocated pausing new construction.
Bitcoin recovered to $81,000 on November 4. On November 5, however, the Nasdaq Composite fell 5.5%, the Philadelphia Semiconductor Index dropped more than 12%, Nvidia lost 9.26%, and AMD fell 17% despite reporting better-than-expected earnings. Bitcoin declined from around $80,300 to a close near $76,000, also roughly 5.5% lower.
IREN and Applied Digital, companies with Bitcoin-mining roots that now build facilities and rent computing capacity to AI customers, each fell more than 14%. On November 6, South Korea’s KOSPI opened down 8.55%, triggering a 20-minute trading halt. TechFlow noted that Nvidia memory suppliers Samsung Electronics and SK Hynix together represented about half the index’s market capitalization.
These connections help explain the report’s AI-risk framing. They do not establish that Bitcoin and technology shares must continue moving together.
ETF withdrawals and a separate crypto-specific risk
Citing SoSoValue, TechFlow reported $1.28 billion in net outflows from U.S. spot Bitcoin ETFs during November 2–6, the largest weekly withdrawal since late June. BlackRock’s IBIT accounted for approximately $1.21 billion, or 95%. November 4 was the week’s only net-inflow session.
The withdrawals changed the funds’ year-to-date balance from about $450 million in net inflows to approximately $800 million–$900 million in net outflows—the first negative reading since late September. Separately, the report said IBIT recorded six consecutive trading days of withdrawals beginning October 30, totaling about $1.44 billion.
The article also reported an October 29 theft of approximately $6.3 billion from Binance hot wallets over roughly 20 minutes. It described the incident as the largest recorded crypto theft, around four times the size of the Bybit theft. According to the report, TRM Labs and Chainalysis attributed it to the North Korean hacking group TraderTraitor.
Binance said it would reimburse losses in full, and approximately $3 billion had been frozen on-chain. Elliptic estimated that attackers still controlled about $3.3 billion in assets that could not be frozen, including 18,270 BTC. Those holdings represented a potential source of selling pressure if sold, not evidence that a sale had occurred.
Inflation—and oil—complicated the outlook
At publication, October U.S. CPI was scheduled for Tuesday at 08:30 Eastern Time, with PPI due Friday. TechFlow described CPI as the final inflation release before the December Federal Reserve meeting.
The report said the Fed had raised rates in September for the first time in three years, then held its target range at 3.75%–4.00% in October. September CPI rose 3.7% year over year, up 0.3 percentage points from August, with gasoline accounting for more than half the monthly increase. October payroll growth was 165,000, against expectations of 65,000.
CME FedWatch put the probability of a December quarter-point increase at 78.8%. Economists generally expected October CPI to rise about 0.3% month over month. Institutional scenarios cited by TechFlow suggested an above-forecast reading could push hike odds above 85%, while monthly core CPI of 0.2% or less might pull them below 70%. These were conditional estimates, not outcomes. CoreWeave’s third-quarter earnings, due after Tuesday’s U.S. market close, added another AI-related event to the calendar.
Oil offered a possible counterweight. WTI traded near $90 a barrel on Monday, and Donald Trump told CNN that another U.S. strike on Iran was unlikely. Asked whether oil could fall to $75, economist Robin Brooks said it could; in his view, lower oil prices would support Bitcoin, equities and precious metals. That was Brooks’s outlook, not a guaranteed price path.
The $73,000 area was a test, not a promise
TechFlow reported that Bitcoin had fallen below its 50-week moving average of $75,492 and was approaching its 21-week average at $73,078. CryptoQuant estimated short-term holders’ cost basis at $75,691; coins last moved one to three months earlier had a cost basis around $79,300, which the article identified as a potential source of break-even selling on a rebound.
The unresolved question was whether Bitcoin could stabilize amid simultaneous AI-stock selling, ETF withdrawals and tighter-rate expectations. None of those figures established that $73,000 would hold—or that a rebound was assured.