THE BLOCK
Orange Brick Road Weekly Crypto Newsletter | 7 November 2026
Extreme Fear Returns: Bitcoin Hits an 11-Week Low as AI Stocks Crash
Your guide to the crypto markets, the cycle and what’s ahead. Prices are a snapshot from Saturday morning (Perth time) and move constantly.
Market snapshot Price (approx.) Bitcoin ~$75,800 Ethereum ~$2,230 XRP ~$1.20 Solana ~$91 BNB ~$696
Bitcoin touched $74,781 on Friday, its lowest since 21 August, before steadying. It’s down about 2% on the week and about 9% over 30 days. It sits roughly 40% below its October 2025 high of about $126,200.
Fear & Greed Index: 25 (Extreme Fear). That’s the first reading in that zone since 6 August. Readings varied through the week (28 on Friday per another source), so treat it as a snapshot.
Top 5 stories
AI stocks crash and crypto gets dragged down On Thursday the Nasdaq fell 5.52%, its worst session in 19 months. The S&P 500 lost 4.36% (about $3 trillion in value), the semiconductor index dropped more than 12% and Nvidia fell over 9%. Reported causes include worries that tougher AI regulation after the midterms could slow data centre construction, plus a strong jobs report. Bitcoin fell with it. One outlet notes that moving at the same time doesn’t prove stocks alone caused crypto’s drop.
Over $1 billion in liquidations About $1.05B was liquidated in 24 hours, and 88% of it was longs, meaning traders betting on rising prices. Bitcoin accounted for about $267M and Ethereum about $167M.
Bitcoin ETFs: 2026 flows turn negative US spot Bitcoin ETFs are now down for the year, by roughly $431M to $502M depending on the tracker. They were about $1.41B up on 21 October. Daily flows this week were:
Mon 2 Nov: -$398.6M Tue 3 Nov: -$115.6M Wed 4 Nov: +$74.6M Thu 5 Nov: -$430.2M
That’s about -$870M over four days, with BlackRock’s IBIT making up most of it. Analysts call the outflows more a consequence of falling prices than a cause.
Midterms: a relief rally that didn’t last Outlets report that Democrats won control of both chambers in Tuesday’s US midterms, though some races were still being called. Check the AP for final seat counts. Bitcoin dipped to about $75.7K overnight, then rallied to $81,131 on Wednesday before giving it all back. Commentators say a Democratic win was largely priced in. For crypto, the key question is the stalled CLARITY Act (US market structure rules), where Democrats now have leverage, and promised ethics rules targeting political crypto ventures.
Binance aftermath: reserves proof and recovery Binance completed a zero-knowledge Proof of Reserves snapshot across 10 assets, letting users check balances are backed 1:1. A full zero-knowledge proof is still pending (about 40–50 hours of computation, per Binance). It says it has replenished about 95% of the stolen assets (some reports say 98%) and is buying the rest. Withdrawals are being restored in stages, and 24-hour net outflows have fallen from a peak of about $7B to roughly $3.3B. On-chain investigators say about $242M of the stolen funds was laundered through Tron.
Where we are in the cycle
Sentiment is at its worst since August, and the market is in a drawdown after last October’s peak. Some analysts argue it’s a retest within a recovery. Others see a deeper correction while rates stay high. There’s no clear answer yet. One data point: in the last 12 months the index was at 25 or below on 182 days, and Bitcoin was higher 30 days later in 62% of those cases (median +2%). That’s history, not a forecast.
Levels traders are watching (Bitcoin):
Support: $74,720–74,790 (Friday’s low), then the 200-day average near $73,190 Resistance: the 100-day average near $77,000, then $80,000 and the 50-day average near $82,000
Funding rates are near zero, so there isn’t a crowded leveraged long trade left to unwind. Weekend liquidity is thin, which can exaggerate moves, and a CME futures gap may open when they reopen Sunday.
What to watch this week AI stocks: more volatility in tech will keep hitting crypto. The Fed: a strong jobs report has raised the odds of a December hike. Check the date of the next inflation (CPI) release. ETF flows: whether outflows stop. Binance: the full reserves proof and any further recovery news. CLARITY Act: any movement in Washington after the midterms. What a sensible investor does now Don’t leave long-term holdings on any exchange. Size positions so a 30–40% drop wouldn’t hurt you. Be wary of leverage. Over $1B was wiped out in a day. Don’t let a fear reading push you into rash decisions, in either direction.
Chat to the Orange Brick Road team: https://calendly.com/brandon-orangebrickroad/15min-call
General information only. Not financial, investment or tax advice, and it doesn’t consider your objectives, financial situation or needs. Orange Brick Road does not hold an Australian Financial Services Licence (AFSL). Crypto is highly volatile and you can lose all your money. Do your own research and speak to a licensed adviser before making decisions.
Sources:
Decrypt: Liquidations top $1B as Bitcoin tests 11-week low CryptoTicker: Fear & Greed hits Extreme Fear CryptoTicker: 2026 ETF balance turns negative Bankless: Crypto holds steady as Democrats sweep Congress The Block: Binance completes proof of reserves
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General information only. Orange Brick Road Pty Ltd (ABN 92 655 540 480) does not hold an Australian Financial Services Licence and nothing here is financial product advice.