Bitcoin price today: BTC USD falls near $71,000 after Jensen Huang resigns as Nvidia CEO and ETF outflows hit $1.44 billion in five days

Bitcoin price (BTC USD) dropped to $71,000 level on Thursday, reaching its lowest level since mid-August after Nvidia announced that Jensen Huang had resigned as CEO. The cryptocurrency was already in a prolonged decline before the leadership change. With heavy withdrawals from spot Bitcoin exchange traded funds and weakness across technology stocks adding to the pressure.

Bitcoin traded at approximately $71,300, down 3.9% over 24 hours. BTC USD had reached an intraday low of around $71,670 at approximately 9:29 a.m. ET.

The timing of the crypto's decline drew attention to Nvidia's announcement, but the available market data doesn't prove that Huang's departure alone caused BTC USD price to fall.

Bitcoin Price Today: BTC USD Was Already Under Pressure Before Jensen Huang Resignation as Nvidia CEO

Bitcoin had lost 14.2% over the previous month, according to 24/7 Wall St. It closed at $80,428 on November 4 before falling to $75,969 the following day.

By November 10, the cryptocurrency already reached an intraday low of $72,643 which was its weakest level since August at that point. Then on November 12, it opened at $73,928 before falling below that level.

Nvidia said that Huang had resigned as president, CEO and a member of its board, effective immediately. Chief Financial Officer Colette Kress was appointed interim CEO while the board searches for a permanent successor. Harvey C. Jones was named the company's first-ever board chair.

Nvidia shares also came under pressure. Nvidia declined more than 4% in early trading and an 18.8% drop over the previous week. Bitbo reported that the stock fell as much as 14% during Thursday's session, reaching $148.80. Nasdaq 100 futures were down around 1.4%.

Why Nvidia Stock (NVDA) Decline Matters to Bitcoin (BTC USD)

Bitcoin's movements have increasingly coincided with those of technology stocks. A November 9 report from Bitfinex put the cryptocurrency's 30-day correlation with the Nasdaq 100 at 0.72, according to 24/7 Wall St.

That report also noted that hedge funds, ETF buyers and retail investors often hold positions in both markets. When investors sell technology shares and other assets to raise cash, cryptocurrency holdings can also come under pressure. Bitcoin's round-the-clock trading means it can react to market developments outside regular stock-market hours.

The connection also extends to Bitcoin miners that have moved into artificial intelligence infrastructure. As per CoinShares report, on November 10, around one-third of miner revenue came from AI hosting, including leasing power and data center space to AI companies. Uncertainty surrounding Nvidia could therefore raise questions about that revenue stream, although it doesn't mean that it directly contributed to Bitcoin's decline.

Bitcoin ETF Outflows and Other Market Pressures

Withdrawals from spot Bitcoin funds had been adding to selling pressure before Nvidia's announcement that the CEO stepped down.

Spot Bitcoin ETFs recorded $299.8 million in net outflows on November 11. Their fifth consecutive day of withdrawals. The five day total reached approximately $1.44 billion, according to Bitbo. BlackRock's iShares Bitcoin Trust accounted for $269.7 million of Wednesday's withdrawals.

Other developments also weighed on cryptocurrency-related stocks. Strategy shares fell around 7% at the open after MSCI confirmed that it would remove the company from its indexes at the November 30 close. The decision could affect funds that track those benchmarks.

Bitbo also reported that Bitcoin's selling accelerated after Cleveland Federal Reserve President Beth Hammack called for a more restrictive monetary policy.

24/7 Wall St. also pointed to a declining supply of stablecoins, which traders commonly use as cash to purchase cryptocurrencies. A smaller stablecoin supply can mean less capital available for buying digital assets during market dips.