Bitcoin Slides Near $75K as ETF Outflows, Russia Rules and Fed Fears Bite

Bitcoin opened Sunday, November 8, trading near $75,800 after falling roughly 3.2% over the past five sessions, keeping the broader crypto market cap at $2.53T. Sentiment readings reflect the pressure: the Crypto Fear and Greed Index sits at 28, deep in fear territory, as traders digest a string of macro and regulatory headlines that have dominated the week.

The sharpest institutional signal came from spot Bitcoin ETFs, which recorded $1.28B in net outflows between November 2 and November 6, according to CoinTelegraph data cited by CryptoTicker. The exodus followed an October jobs report that pushed futures markets to price a 76.8% chance of a Federal Reserve rate hike in December, strengthening the dollar and weighing on risk assets including crypto. On November 5 alone, spot Bitcoin ETFs saw $430.2M in single-day net outflows, and Bitcoin briefly touched a seven-week low of $75,200 before recovering slightly.

Russia Opens Retail Crypto Access Starting November 17

In a development that offers a longer-term demand catalyst, the Bank of Russia officially approved Bitcoin, Ether, and USDT for retail investors, with rules taking effect November 17. Non-qualified investors may purchase up to 300,000 rubles (roughly $3,700) worth of crypto per year through each licensed intermediary, while qualified investors face no such cap. The selection criteria prioritized market capitalization, average daily trading volume, and a minimum five-year pricing history on international exchanges. The Moscow Exchange is separately targeting December 1 for its own crypto trading launch.

Back in the U.S., the broader crypto selloff earlier in the week was amplified by a sharp chip and AI stock rout that dragged the Nasdaq lower, with Bitcoin sliding from above $80,882 to as low as $74,921 on November 6, per CoinGecko data reviewed by 247 Wall St. XRP has fared worse, dropping 7.1% over the past week, while Solana shed 6.6% over the same stretch. Bitcoin dominance held relatively firm at 60.19% of total crypto market cap, underscoring that altcoins bore the steepest losses during this week's risk-off rotation.