Bitcoin extended its decline on Thursday, touching its weakest level in roughly 12 weeks as a trio of pressures — an index exclusion for the largest corporate holder, persistent ETF redemptions, and a selloff in technology shares — combined to push the cryptocurrency below a closely watched threshold.
The token changed hands at $71,914, a decline of 2.77% from the prior session's close of $73,964, according to Yahoo Finance data. It dipped as low as about $71,237.62, beneath Tuesday's trough of $72,687 and the lowest reading since August 20. Bitcoin now sits roughly 42% under its record daily close of $124,753, reached on October 6, 2025. The weakness was broad: Ether traded near $2,012, down about 2%, while XRP changed hands around $1.034, also off roughly 2%.
MSCI's Strategy decision
The most consequential crypto-specific development arrived after Wednesday's US close. MSCI said in its November 2026 index review that it will apply its new rule covering "non-operating companies," placing Strategy (MSTR) on the deletion list for the MSCI USA, World, and ACWI benchmarks. The change takes effect after the close on November 30.
Strategy held 850,364 BTC as of November 8, acquired at an average cost of $75,456 per coin — meaning Bitcoin is now trading below the company's average purchase price. Strategy shares were quoted at $117, down 4.3% from Wednesday's close of $122.35. Passive funds tracking MSCI benchmarks will be required to divest their MSTR holdings, a process expected to weigh on the stock. JPMorgan estimated in November 2025 that exclusion could trigger about $2.8 billion of outflows, based on MSCI's earlier proposal.
Analysts quoted by CoinDesk suggested the larger concern is Strategy's capacity to raise capital for additional Bitcoin purchases. Markus Thielen of 10x Research told CoinDesk the move was "widely expected" and that he did not anticipate "any spillover into Bitcoin itself."
ETF demand remains weak
Fund flows offered little support. US spot Bitcoin ETFs recorded net outflows of $299.8 million on Wednesday, the fifth consecutive day of withdrawals, according to Farside Investors. The five-day total stands at about $1.44 billion, with BlackRock's IBIT accounting for $269.7 million of Wednesday's redemptions.
Tech and macro headwinds
Equity markets added to the pressure. Nvidia traded at $164.67, down 5.21% from Wednesday's close, after the company announced the resignation of CEO Jensen Huang following reports about his alleged romantic relationships with two women. Macro conditions have not helped either: the US dollar index hovered near 103 after hotter October inflation data lifted bets on a December Federal Reserve rate hike.
What to watch next
Technical analysts are monitoring whether Bitcoin can reclaim its 50-week simple moving average, which CoinDesk placed at $75,153. A move back above that level would ease concerns about a failed breakout, while a sustained drop below $72,000 would leave Bitcoin at prices not seen since August. Traders will also track daily ETF flow data, Strategy's next weekly purchase filing, and the Fed's December 8-9 meeting.
Bitcoin faces simultaneous pressure from ETF selling, the MSCI decision, and elevated interest-rate expectations. Long-term investors may view lower prices as an entry point, but volatility is likely to remain elevated.
This article is for informational purposes only and does not constitute financial advice.
