Why is Bitcoin down today, November 6, 2026: possible reasons
Bitcoin fell 5.9% over the day to 05:53 UTC, to $75,666. Its high was $80,723 and its low was $75,100. Ether lost 8.0% over the same stretch, to $2,225, with a high of $2,433 and a low of $2,204.
There are several possible explanations, and none is proven. They are a fall in US stocks alongside Bitcoin, forced closes of long positions, headlines about the Binance hack, and money leaving the ETFs.
One version: US stocks fell with Bitcoin
Over the same day, S&P 500 futures fell 4.1% and Nasdaq 100 futures fell 4.4%, according to Yahoo Finance. The US dollar index rose 0.5%. That fits a broad move out of risky assets, not a crypto-only selloff.
Outlets linked the moves. CoinDesk wrote that Bitcoin tumbled as a collapsing AI trade dragged stocks lower. Cointelegraph wrote of a 7-week low as US stocks erased their election gains.
A fall at the same time does not show that stocks pulled Bitcoin down. Both markets may have reacted to the same news. Crypto also trades around the clock, while stock exchanges do not, so the timing is not a clean comparison.
One version: forced closes of long positions
Among the large Hyperliquid accounts we track, longs on BTC worth $15.3 million were force-closed over the day. That was 8 of the 142 accounts checked, and the largest single forced close was $9.2 million. Shorts on BTC worth $3.0 million were closed, and ETH longs worth $0.3 million.
On OKX, BTC longs worth $3.5 million were closed, against $0.06 million of shorts. That is the largest daily total in all 127 days we have recorded there. ETH longs on OKX came to $1.3 million, more than on 84% of days.
A forced close of a long is a sale at the market price, so a wave of them may have pushed the price lower. The closes could just as well have followed the drop instead of starting it. The Block wrote of more than $1 billion in liquidations across crypto, a wider figure than ours.
One version: headlines about the Binance hack
Several outlets covered the Binance hack over the day. CoinDesk explained TraderTraitor, the group it ties to the attack. Cointelegraph wrote that the Fed and the OCC were checking US banks after it.
Coverage over the day does not mean the hack happened over the day. The news may have added nerves. Stocks were falling in the same hours, and the hack is not directly tied to that move.
One version: ETF money going out
US Bitcoin funds saw $1.1 billion leave from 29 October to 4 November. An outflow that large came in only 9% of five-day stretches since the funds launched. Ether funds saw $427.9 million leave from 30 October to 5 November, which happened in only 11% of five-day stretches.
On 4 November, Bitcoin funds took in $74.6 million. On 5 November, $100.0 million left the Ether funds. A fund day is published after the US close, so the latest dates differ for BTC and ETH.
The large outflow came over several days before this one, and on the latest reported day Bitcoin funds were buying. The outflow may have added selling pressure, but it matches the day's drop only in part.
The week's macro: what economists expect and what the bets say
| When (UTC) | Event | Economists expect | Last time | Polymarket bets |
|---|---|---|---|---|
| Fri 6 Nov, 13:30 | US jobs added in October (NFP) | +65,000 | +29,000 | 100,000+: 28%; 50,000 to 75,000: 23%; 75,000 to 100,000: 16% |
| Fri 6 Nov, 13:30 | US unemployment rate, October | 4.2% | 4.2% | 4.2%: 44%; 4.1%: 27%; 4.3%: 18% |
| Fri 6 Nov, 13:30 | US average hourly earnings, monthly | +0.3% | +0.1% | |
| Fri 6 Nov, 15:00 | Michigan consumer sentiment, preliminary | 48.1 | 46.3 | |
| Fri 6 Nov, 15:00 | Michigan inflation expectations, preliminary | 4.7% | ||
| Tue 10 Nov, 13:30 | US CPI inflation, annual | 3.7%: 88%; 3.8%: 9%; 3.6%: 1% | ||
| Tue 10 Nov, 13:30 | US CPI inflation, monthly | 0.3%: 40%; 0.2%: 34%; 0.4%: 9% | ||
| Tue 10 Nov, 13:30 | Core CPI (no food or energy), annual | 2.6%: 89%; 2.7%: 7%; 2.5%: 3% | ||
| Tue 10 Nov, 13:30 | Core CPI, monthly | 0.2%: 44%; 0.3%: 36%; 0.1%: 12% | ||
| Wed 9 Dec | Fed rate decision | 25 bp increase: 78%; no change: 22%; 50 bp or more: 1% |
The next Fed meeting is on 9 December, and the current range is 3.75-4.00%. SoSoValue, which reads rate futures, gave 68% for 4.00-4.25% and 32% for no change on 6 November. Polymarket bettors, as of 5 November, put 78% on a 25 basis point increase and 22% on no change.
Polymarket shows what bettors back; bets follow price rather than lead it.
Questions and answers
Why is Bitcoin price falling?
Bitcoin fell 5.9% over the day to 05:53 UTC, to $75,666. Several versions exist: US stocks fell, long positions were force-closed, outlets covered the Binance hack, and ETFs saw money leave. S&P 500 futures lost 4.1% in the same period, per Yahoo Finance, but no version is proven.
Why is crypto down today?
No cause is proven. Bitcoin lost 5.9% and Ether 8.0% over the day. On OKX, forced closes of BTC longs reached $3.5 million, the most in 127 days of our records. The drop coincided with the US stock selloff and with $1.1 billion leaving Bitcoin ETFs over five days to 4 November.
How much did Bitcoin go down today?
Over the day to 6 November 05:53 UTC, Bitcoin fell 5.9%, from $80,376 to $75,666. The high was $80,723 and the low was $75,100. Ether lost 8.0% in the same period, to $2,225.